Cinemark Holdings, Inc., the third-largest cinema chain in North America, has announced that founder Lee Roy Mitchell, 85, transitioned from Executive Chairman to member of the Board effective May 19, 2022, and will continue to focus on expanding strategic opportunities for the company.
Mitchell has been engaged in the theatrical exhibition business for more than 50 years. He, along with his wife, Tandy Mitchell, founded Cinemark in 1984; Lee Roy served as chief executive officer before he transitioned to executive chairman, a role he held for 26 years.
Carlos Sepulveda, lead director since 2016, succeeds Mitchell as chairman. Sepulveda has served as a Cinemark board member since 2007 and as lead director since 2016, contributing to multiple board committees, including audit, compensation, and strategic planning. Sepulveda has significant CEO and executive experience, an extensive public accounting background, strong financial oversight, and strategic planning and management expertise. Mr. Sepulveda has also served as the chairman of Triumph Bancorp. Inc. since its inception in 2010.
Commenting on the planned transition, Mitchell said: “It has been an honor serving as executive chairman of the board alongside my esteemed colleagues, and I look forward to continuing to participate as a board member. Carlos is a natural successor given his tenure and demonstrated success as lead director, his strong understanding of our industry and our company, and his wealth of knowledge. I am confident that Carlos will guide the board and support management in positioning the company for ongoing success.”
“On behalf of the board and the entire Cinemark team, we profusely thank Lee Roy for his commitment and significant contributions to Cinemark’s growth and success over the years, including his strategic positioning of the company over the past quarter-century,” stated Sepulveda. “The board has tremendously benefited from Lee Roy’s long-term industry perspective, his leadership experience, and his passion for theatrical exhibition, and we are fortunate to have his expertise and insight continue as an ongoing member of the board.”