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July 21, 2021, 8:11 a.m. EDT

AMC CEO Adam Aron named chairman of the cinema operator's board

AMC Entertainment Holdings Inc. (NYS:AMC) said Wednesday its board has named Chief Executive Adam Aron as chairman of the board. The board of the world's biggest cinema operator named Ambassador Philip Lader at its lead director. Aron has been CEO and president of AMC since 2016, overseeing the company through the difficult pandemic year. Lader has been an independent director since July of 2019, after serving as U.S. ambassador in London and was administrator of the U.S. Small Business Administration during the presidency of Bill Clinton. As expected, Lin Zhang and Mao Jun have resigned from the board. The pair are senior executives at China's Wanda Group, which recently sold most of the shares n AMC that it held between 2012 and 2020. AMC shares were down 2.9% premarket, but have gained 341% in the past three months, after the stock became one of the meme stocks, beloved by a group of traders that gather on the Reddit forum WallStreetBets.

Link to MarketWatch's Slice.