AMC Entertainment now appoints a new Director of the Company, welcoming Marcus Glover to the Board until 2027.
AMC Entertainment Holdings, Inc. (NYSE:AMC), the largest theater operator in both the U.S. and globally, announced today that Marcus Glover has been elected to its Board of Directors, effective September 12, 2024.
Glover will serve as a Class 1 director, with his term running until the 2027 Annual Meeting of Stockholders, where he will be eligible for re-election.
He will also be a member of the Audit Committee, according the press release.
With a strong background in finance, operations, and management, Glover’s experience includes serving as the chief financial officer of a publicly traded company.
Since May 2023, he has been the Executive Vice President and Chief Financial Officer at Bally’s Corporation.
Prior to this role, he was the Chief Strategy Officer at QPSI LLC from October 2021 to May 2023.
He has also held significant positions such as President and Chief Operating Officer at the Borgata Hotel, Casino & Spa, as well as at the Beau Rivage Resort & Casino, and has worked in various senior roles at Caesars Entertainment.
Glover earned an M.B.A. from The Duke University Fuqua School of Business and a B.A. in Business Administration with a focus on Finance from Morehouse College.
“The addition of Marcus Glover to AMC’s Board of Directors is a great benefit to all those who work for and root for AMC’s success,” said CEO Adam Aron.
“Marcus brings a wealth of experience and leadership to the AMC board, particularly in the varied areas of guest service, employee satisfaction and finance.
I look forward to working with him and all of our board members as we continue to deliver results for our guests, our shareholders, and our partners.”
Glover says he’s excited to work with a company he las long admired.
“AMC is a company I have long admired for its innovation in the entertainment industry, and one I regularly visit as a moviegoer.
I am eager to work with my fellow board members, and AMC’s leadership team, as the company continues on its path as the industry leader.”
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Other Market News Today
Citadel is now fighting the SEC on the market surveillance system known as CAT, which enables regulators to track trading activity.
Citadel Securities is spearheading an industry pushback against a proposal from exchanges like the New York Stock Exchange and Nasdaq that would require traders to help fund a new market surveillance system, known as the Consolidated Audit Trail (CAT), which has already incurred nearly $1 billion in costs.
Brokers are urging regulators to halt new billing schedules that would mandate their financial contributions to the CAT system, which serves as a comprehensive record of all activity in U.S. equities and options markets—often compared to a “Hubble Telescope” for financial markets.
Until now, exchanges have covered the costs of the CAT.
However, if the U.S. Securities and Exchange Commission (SEC) does not intervene soon, brokers will start receiving bills from the exchanges beginning Tuesday, as the exchanges seek to recover a portion of the promised costs.
The CAT was established after the 2010 flash crash, which made it difficult for investigators to determine the cause of a market drop that erased nearly $1 trillion in value.
The system has been fully operational since 2022, according to Financial Times.
The SEC directed national exchanges and Finra, which oversees brokers, to create the CAT, with the expectation that the trading industry would eventually bear a significant share of the expenses.
Last year, the SEC approved a plan requiring broker-dealers to cover two-thirds of the costs, while exchanges would cover the rest.
Initial payment plans were submitted in January but were suspended pending review, which has yet to be completed.
Last month, exchanges and Finra withdrew their initial payment plans and submitted revised ones with minor changes.
Unless the SEC issues another suspension, brokers will receive bills in October based on September’s trading volumes.
Several regulatory filings and letters from industry groups, including Citadel Securities, Virtu Financial, the American Securities Association, and Sifma, have urged the SEC to suspend the billing process.
Citadel Securities, led by Ken Griffin, warned the SEC that it might seek legal action if the billing is not halted by next week.
Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist
The company criticized the new filings as an attempt to extract significant amounts from broker-dealers.
Citadel previously challenged the legality of the CAT funding model in a Florida court, in partnership with the ASA.
That case is still ongoing.
Exchange representatives, including those from the NYSE, Nasdaq, and Cboe Global Markets, declined to comment, as did Finra and the SEC.
However, exchange officials noted that they were instructed by the SEC to implement the CAT and that cost-sharing with the industry was always part of the plan.
They argue that increasing trading volumes have contributed to rising costs.
One executive involved in the CAT project stated, “We’re just recovering our costs. There’s no profit here,” emphasizing that the industry had been resistant to funding the system.
Brokers have raised concerns not only about the costs but also about accountability for any costly missteps during the CAT’s development, as well as the system’s annual operating budget, which now nears $200 million—about five times the original estimates from 2016.
In a market where big player such as Citadel have manipulated prices in their favor, reported inaccuracies, and have taken advantage of the industry — opposing any regulatory means that track its trading activity has been part of their mission for years.
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