PLANO, Texas — This story originally appeared in the Dallas Business Journal.
Cinemark Holdings has appointed Melissa Thomas as its Chief Financial Officer, filling the role left vacant by the company's CEO.
The theater chain announced Wednesday Thomas will join the Plano-based company Nov. 8. Most recently, Thomas was the CFO for Groupon, but also held positions with Surgical Care Affiliates and Orbitz prior to that.
She will take over for Sean Gamble, who will step into the chief executive role Jan. 1.
“Melissa’s sound business acumen, diverse financial expertise, strong communication skills, and varied industry experience will provide significant strategic value to our company as we continue evolving Cinemark for ongoing long-term success in a post-pandemic landscape," Gamble said. "Melissa will be supported by a skilled and tenured worldwide finance organization and I anticipate a seamless transition as I step into the CEO role at the beginning of next year.”
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The COVID-19 pandemic steamrolled the film industry, and the Plano company saw the effects as its 2020 total revenues were slashed down to $686 million from 2019 revenues of $3.2 billion, in line with peers. One of the largest movie theatre companies in the country, Cinemark operates 523 theatres across 42 states and 15 countries in South and Central America through its name brand and its subsidiaries Century, Tinseltown and Rave.
In the first half of 2021, the company has seen attendance improve, but revenue in the six months ending in June 30 still trailed the prior year, according to documents filed with the Securities and Exchange Commission. In the filings, the company said it had reopened all 323 of its domestic theatres and more than two-thirds of its international theatres.
The company said that more movies are receiving theatrical releases and are bolstering attendance, while staffing levels and operating hours are still reduced.
"Based on the company’s current estimates of recovery, it believes it has, and will generate, sufficient cash to sustain operations," the company said in the filings. "Nonetheless, the COVID-19 pandemic has had, and continues to have, adverse effects on the Company’s business, results of operations, cash flows and financial condition."
