Gregory S. Marcus Elected CEO of The Marcus Corporation; Stephen H. Marcus to Continue as Chairman
MILWAUKEE | The Marcus Corporation (NYSE: MCS) today announced that its Board of Directors has elected company President Gregory S. Marcus, 44, chief executive officer of the company. Stephen H. Marcus, 73, will continue to serve as chairman.
“A major step in the evolution of The Marcus Corporation was the election last January of Greg as president of the company. As part of his additional responsibilities as CEO, the executives who are responsible for our two main operating divisions, Bruce Olson, president of Marcus Theatres®, and Bill Otto, president of Marcus Hotels and Resorts, will now report to Greg. I will continue as chairman and remain actively involved in the business, serving on the investment committee and working on the development of our strategic initiatives,” said Stephen H. Marcus.
“Since joining the company in 1992, Greg has had a significant role in helping us get to where we are today. He is a strong leader who understands our business, our culture and our people. All of us who have worked with Greg throughout the years have experienced first-hand his enthusiasm, knowledge and pride in the company. I am confident that under Greg’s leadership we will continue to build on our 73 years of growth and success,” said Stephen Marcus.
Gregory S. Marcus is the third generation of the Marcus family to serve as CEO. Throughout his career at The Marcus Corporation, he has been involved in nearly all facets of the company. He joined the company in 1992 as director of property management/corporate development, where he spent a number of years acquiring real estate for the company’s operating businesses. He then spent three years in operations, ultimately running the company’s former limited-service lodging business, Baymont Inns & Suites. Marcus was promoted to senior vice president – corporate development in 1999 and became an executive officer of the company in July 2005. He was elected to The Marcus Corporation Board of Directors in October 2005 and was elected president of the company in January 2008.
Gregory Marcus serves on the boards of several non-profit organizations including the Marcus Center for the Performing Arts, Columbia St. Mary’s Hospital and the United Way of Greater Milwaukee. He is also a director and past president of the Betty Brinn Children’s Museum and a trustee of the Wisconsin Conservatory of Music.
Stephen H. Marcus has been president and chief executive officer since 1988 and was elected chairman of the board in 1991. He has served the company for 46 years. The Marcus Corporation was founded by Ben Marcus, the father of Stephen Marcus, in 1935.
About The Marcus Corporation | Headquartered in Milwaukee, Wis., The Marcus Corporation is a leader in the lodging and entertainment industries. The Marcus Corporation’s movie theatre division, Marcus Theatres®, currently owns or manages 679 screens at 56 locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North Dakota and Ohio, and one family entertainment center in Wisconsin. The company’s lodging division, Marcus Hotels and Resorts, owns or manages 20 hotels, resorts and other properties in 10 states, with three additional properties under development. For more information, visit the company’s Web site at .
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, and preopening and start-up costs due to the capital intensive nature of our businesses; (3) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (4) the effects of adverse weather conditions, particularly during the winter in the Midwest and in our other markets; (5) the effects on our occupancy and room rates from the relative industry supply of available rooms at comparable lodging facilities in our markets; (6) the effects of competitive conditions in our markets; (7) our ability to identify properties to acquire, develop and/or manage and continuing availability of funds for such development; and (8) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States, the United States’ responses thereto and subsequent hostilities. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
