London 5 July 2018 – Park Circus announced today that its two founders and co-CEO’s, Nick Varley and John Letham, will leave the company at the end of March 2019, allowing enough time for a smooth handover to a new CEO.
Since establishing the business in 2003, John and Nick have grown Park Circus into the leading international distributor of Hollywood, British and independent back catalogues. The company now proudly represents over 25,000 films, including the libraries of all the major Hollywood studios. The success of the company is in part due to the trust and collaboration Nick and John have built over the years with studio partners.
In recent years the company has expanded its activities to include the worldwide distribution of first-run independent cinema titles and now also operates a growing international film sales business. Park Circus has offices in Glasgow, London and Los Angeles.
Thomas Hoegh’s Arts Alliance acquired the business in 2014.
Nick and John will support the recruitment of the new CEO and the subsequent management transition process. Nick will remain on the board as a non-executive director of Park Circus Group. John will focus on expanding his executive coaching and training business, where he already has a significant client base in the film, creative and tech industries.
John Woodward, Chairman of Park Circus Group said:
“Nick and John have built a remarkable business with a passion for cinema embedded in its DNA. But now they want to move on to their next challenge and we obviously respect that decision. The lengthy transition period reflects the importance the Board attaches to finding the right CEO for the business who will also take Park Circus forward into its next phase of development. It is also important to us that going forward Nick will sit on the board of Park Circus Group as a non-executive director, so the business will also retain access to his deep knowledge and expertise.”
John Letham, outgoing Co-CEO said:
“Park Circus has a vibrant future and I look forward to seeing it thrive under new leadership.
Throughout the last fifteen years I have been driven by the buzz I always get from experiencing first-hand the audience reaction at screenings of the truly wonderful movies we have be able to bring back to cinemas; the result of the exceptional relationships we have developed with exhibitors and festivals worldwide who share our passion for films.”
Nick Varley, outgoing Co-CEO said:
“I have been on the most amazing journey over the last fifteen years. Quite simply, I have had the time of my life.
I have been lucky to have had the loyal support of a dedicated team at Park Circus as well as studio and distribution partners who have trusted us to nurture and care for their films.
I will always be proud to have played a part in creating Park Circus. We always maintained it was about the films, and what a privilege it has been working so intimately with the films I have always loved.
It is now time, though, for the company to embark on a new journey. I wish the incoming CEO, whoever he or she may be, the greatest success.”
The board will now begin the process of finding a replacement CEO. The company is looking for a dynamic person with a strong passion for film and with extensive technology-enabled execution capabilities who can lead the further expansion of the business, providing further growth for its client base.