Cinepolis president Eduardo Acuna is set to be the new CEO of the Cineworld group.
In June, the Cineworld group, which owns Regal Cinemas in the U.S., confirmed that its planned reorganization is going ahead and revealed plans for a new board led by former Pepsi chair Eric Foss. On Thursday, lenders to the indebted cinema chain agreed on terms to appoint Acuna as CEO of the newly incorporated parent company of the group.
Acuna has served as president of Cinépolis Americas since 2015, and has worked at Cinépolis, the third largest theatrical exhibition circuit in the world, since 2005. In his current role, he heads all operations for Cinépolis in 11 countries across North America and South America. Previously, he served as president and CEO of Cinépolis Brazil. Prior to Cinépolis, Acuna held positions at McKinsey & Company in Mexico and Argentina, Goldman Sachs in New York, the Bank of Mexico and Mexico’s Ministry of Social Development. He currently serves on the board of directors at Global Cinema Federation and The Cinema Foundation.
The reorganization planinvolves the release of approximately $4.53 billion of the group’s funded indebtedness, the execution of a fully backstopped rights offering to raise gross proceeds of $800 million and the provision of $1.46 billion in new debt financing.
The group is entering into administration but the business will continue without interruption. Cineworld Group and its subsidiaries hadcommenced Chapter 11 casesin the United States Bankruptcy Court in September 2022. The group expects to emerge from the Chapter 11 cases in later this month.
Acuna said: “I am thrilled to have the opportunity to chart Cineworld’s new course, capitalize on its strong financial position and growth potential and continue to deliver groundbreaking cinema experiences for our guests. With audiences continuing to show how much they love the theatre experience; this is an incredible time for Cineworld.”
Foss added: “Eduardo is a seasoned executive with significant industry experience and a proven track record of driving growth and stakeholder value. I am confident that under Eduardo’s leadership, Cineworld is well positioned to reach new heights and continue to grow its global business and further enhance its cinemas for guests around the world.”
Acuna will replace current CEO Mooky Greidinger.
Cineworld operates in 10 countries including the U.S. and the U.K. with 747 sites and 9,139 screens globally.
