AIM-listed premium cinema group Everyman Media (EMAN) has announced chief executive Alex Scrimgeour will step down with immediate effect.
Current NED Farah Golant will take over the CEO role on an interim basis while the firm looks for a permanent replacement.
| Price: 27p | P/E: n/a |
| Marlet Cap: £24.6m | Yield: n/a |
Scrimgeour has been chief executive since 2017, steering the business through Covid and lockdowns and the subsequent rebound, more than doubling revenue.
However, EMAN has been in a downtrend ever since the pandemic and currently sits at 27p, down almost 50% on the year and more than 80% from its old high.
Earlier this month the firm reduced its revenue and EBITDA forecasts for the year to 1 January due to weaker than expected box office receipts, causing the share price to drop sharply.
Replacing the CEO might trigger interest in the stock, depending on who the new appointee is, but it feels as though the company’s best days are behind it as more and more content becomes available on streaming services.
Read the press release here: https://investors.everymancinema.com/
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