Cinedigm Digital Cinema Corp. announced two significant executive changes today, effective immediately: Adam Mizel has been named chief operating officer and chief financial officer; and Gary Loffredo is now president of Digital Cinema Services in addition to his continuing responsibilities as general counsel. The moves are part of the company’s refocus on its digital cinema platform, which so far this year has resulting in Cinedigm signing over 3,000 new screens to license agreements, bringing its total deployment to more than 9,700 screens with 154 exhibitors.
Mizel and Loffredo previously served as co-chief executive officers of Cinedigm in the period between founder Bud Mayo retiring in June 2010 and Chris McGurk, to whom they report, being named chairman and CEO in January. They both also are on the company’s board of directors, Mizel since 2009 and Loffredo since 2000.
Cinedigm’s most recent deal is an example of the company’s strategy of capitalizing on its technology by enabling alternative content events. It will bring the newest full-length Pokémon feature film, Pokémon the Movie: White – Victini and Zekrom, to 300 U.S. screens on Dec. 3 and 4. The company also has an ongoing Saturday morning kid’s matinee program and has carved out a solid niche of live concert events featuring bands including Foo Fighters and Phish. Last year the company carried the 2010 FIFA World Cup Live 3D broadcast in the U.S. and Canada, marking the first-ever cinematic live 3D broadcast of the world’s most popular sporting event final.
As part of its refocus, Cinedigm fairly recently sold off its physical and electronic distribution business to Technicolor and its cinema advertising business to Screenvision.
Before joining Cinedigm, Mizel was the managing principal of the General Partner of the Aquifer Opportunity Fund, an investment fund that takes a private equity approach to investing in small capitalization public companies and remains one of Cinedigm’s largest public shareholders. Before that he was managing director and chief operating officer of alternative asset management firm Azimuth Trust.
Loffredo came to Cinedigm having been vice president, general counsel and secretary of Cablevision Cinemas, which operated the Clearview Cinemas chain of movie theatres.