Regal Entertainment chairman takes leave

Friday, June 10, 2011, Vol. 35, No. 23

NEW YORK (AP) — The executive chairman of movie theater chain Regal Entertainment Group is taking a leave of absence, according to a regulatory filing the company made Wednesday.

The company, based in Knoxville, said Mike Campbell's leave is for "personal reasons" and had been effective since June 10, but it didn't give other details.

It said CEO Amy Miles and other members of senior management will take over Campbell's responsibilities during his absence.

Campbell, who is in his 50's, has a long history at the company. He founded a subsidiary, Regal Cinemas, in 1989. He served as Regal Entertainment Group's co-CEO and then as the sole CEO until 2009.

Two years ago, he handed the CEO reins to Miles, his long-time chief financial officer, and became executive chairman. Campbell said at the time that the change was "the result of several years of succession planning," and that his executive chairman job would allow him to focus on strategy.

The company said in April that its first quarter had been "challenging," as consumers limited their spending on non-necessities or watched movies at home instead of in the theater. The company swung to a quarterly loss and saw revenue fall more than 20 percent.

Regal shares rose 14 cents to $12.11 in morning trading.