, has been announced as the non-executive chair of Vue International.){kind=link}
Adam Crozier, the former boss of ITV (LON:ITV), has been announced as the non-executive chair of Vue International.
Vue, which is the world’s largest cinema chain outside the US, is reportedly considering a sale or stock market listing in the future.
Back in May, Mr Crozier announced his to step down from ITV, after seven years at the helm of the British broadcasting company.
During his time at ITV, Crozier has been credited with having spearheaded its successful turnaround, in spite of a climate of recession and declining advertising revenues punishing media profit margins.
Commenting on his new venture, Crozier said in a statement:
“I have watched the development and growth of Vue International with great interest and am excited to be joining the group to play an active role in furthering their future ambitions,” said Crozier, who takes up his new role with immediate effect.
Former Easyjet boss (LON:EZJ) was announced as his replacement Carolyn McCall back in July of this year.
Crozier will be tasked with leading the company expansion, despite difficult market conditions as cinemas feel the squeeze as a result of the success of online streaming services such as Netflix (NASDAQ:NFLX).
“We are delighted that Adam is joining Vue International as chairman as we continue to pursue our strategic growth plans and identify further global expansion opportunities,” confirmed Tim Richards, Vue’s founder and chief executive.
“Further enriching the strength and experience of the board is part of our plan to grow our business internationally at a time when the industry is set for increased consolidation.”
The cinema group, headquartered in the UK, appointed investment banks Rothschild and JP Morgan earlier this year, to help with unveiling its options, as it looks towards a public listing to realise its current value of £1.6 billion.
Vue Internationally is currently owned by two of Canada’s largest pension funds, Omers Private Equity and Alberta Investment Management.