The chief executive of Everyman Media Group PLC (AIM:EMAN) has stepped down two weeks after the cinema chain warned that trading had fallen short of expectations.
Alex Scrimgeour is departing after almost five years in charge and has been replaced on an interim basis by non-executive director Farah Golant.
She will run the company with support from the existing management team while a permanent successor is sought.
The move follows a profit warning issued earlier this month, when Everyman said a weak box office in the final quarter, combined with pressure on consumer spending, had hit performance.
The group, which operates 49 upmarket cinemas across the UK, now expects annual revenue of at least £114.5 million and underlying earnings of at least £16.8 million, both below previous guidance.
More than a fifth was wiped from the value of the business in one day, and year-to-date, the stock is off 49%.
Scrimgeour joined in 2021 after leading the restaurant group Côte Brasserie.
Chairman Philip Jacobson credited him with steering Everyman through its post-pandemic recovery and more than doubling revenues.
Golant brings more than three decades of experience across media and entertainment, including senior roles at All3Media and Kyu Group, as the board looks to steady the business and rebuild momentum.
Jacobson said: "Farah has extensive experience across the global creative, entertainment, and media industries, and a track record of accelerating growth and cultivating high-performance, results-oriented organisations.
"Working alongside our leadership group, she will continue to deliver exceptional customer experiences, focus on driving sustainable growth, and create long-term value for shareholders."
In early trading, the shares were flat at 27p.