Cineplex appoints Bill Walker as CEO and launches strategic review

Cineplex Inc., Canada’s largest cinema exhibitor, has appointed Bill Walker as its new chief executive and launched a strategic review that includes exploring a potential sale of the company.

Walker, the former CEO of Landmark Cinemas, succeeds retiring longtime executive Ellis Jacob. Jacob will remain with the company as a strategic adviser for the remainder of the year. To assist with the strategic review, the Cineplex board has appointed Goldman Sachs and TD Securities as co-financial advisers, though the company noted there is no guarantee a transaction will occur.

The review comes as the Canadian exhibition market sees a rebound in Hollywood box office performance. This move follows a previous attempt in 2019 to sell the company to the U.K.-based Cineworld Group for $2.1 billion, a deal that was ultimately abandoned in 2020 due to the COVID-19 pandemic.