Motion Picture Distribution, an income trust controlled by Alliance Atlantis, is shuffling its top slots, making CEO Victor Loewy chairman and adding CEO to prexy Patrice Theroux’s duties.
MPD is Canada’s leading film distributor and also releases pics in Spain and the U.K.
“This new streamlined management ensures that Patrice and I are able to focus our efforts … to allow us to make the greatest contribution to the long-term growth of our business,” said Loewy on Friday.
David Lazzarato, executive VP and CFO of Toronto-based Alliance Atlantis and a member of MPD’s board, becomes vice chair of the board.
Alliance Atlantis CEO Phyllis Yaffe will join MPD’s board, replacing Michael MacMillan, Alliance’s executive chairman.
MPD’s board will increase from seven to nine seats.
Five directors will be named by Alliance Atlantis, which controls 51% of the income trust, and four will be appointed by the Movie Distribution Income Fund, which controls the other 49%. At present, the board has four nominees from Alliance and three from the income fund.
It has been a rough year for MPD due to box office woes in Canada, Spain and England.