Karl Holz To Replace Andre Lacroix At Head Of Euro Disney
DOW JONES NEWSWIRES
May 19, 2005 1:51 p.m.
PARIS -- Euro Disney SCA (12587.FR) said Thursday that Andre Lacroix, chief executive of the theme park company, is stepping down "to pursue other opportunities" and is being replaced by Karl Holz, its president and chief operating officer.
Holz joined Euro Disney in September 2004, and the changeover is effective immediately, Euro Disney said in a statement.
Holz has spent nine years with the Disney group, and headed its Disney Cruise Line operation before moving to Paris to join Euro Disney, controlled by the Walt Disney Co. (DIS), which owns 41% of the company. Euro Disney operates the Disneyland Paris and Walt Disney Studios theme parks outside Paris.
Lacroix arrived in 2003 after being the subject of a headhunting effort from Burger King, and was the architect of a year-long financial recovery plan that's starting to bear fruit.
Euro Disney's net loss narrowed in the six months ended March 31 to EUR81 million from EUR109 million in the same year-ago period. Revenue rose to EUR494 million from EUR471 million, fueled by higher attendance figures and visitor spending.
Euro Disney has been weighed down by royalty payments to Walt Disney, which is entitled to royalty payments of up to 6% of its revenues. The company is sitting on top of a EUR2.4 billion mountain of debt.
-By David Pearson, Dow Jones Newswires; +33140171740; david.pearson@dowjones.com
DOW JONES NEWSWIRES
May 19, 2005 1:51 p.m.
PARIS -- Euro Disney SCA (12587.FR) said Thursday that Andre Lacroix, chief executive of the theme park company, is stepping down "to pursue other opportunities" and is being replaced by Karl Holz, its president and chief operating officer.
Holz joined Euro Disney in September 2004, and the changeover is effective immediately, Euro Disney said in a statement.
Holz has spent nine years with the Disney group, and headed its Disney Cruise Line operation before moving to Paris to join Euro Disney, controlled by the Walt Disney Co. (DIS), which owns 41% of the company. Euro Disney operates the Disneyland Paris and Walt Disney Studios theme parks outside Paris.
Lacroix arrived in 2003 after being the subject of a headhunting effort from Burger King, and was the architect of a year-long financial recovery plan that's starting to bear fruit.
Euro Disney's net loss narrowed in the six months ended March 31 to EUR81 million from EUR109 million in the same year-ago period. Revenue rose to EUR494 million from EUR471 million, fueled by higher attendance figures and visitor spending.
Euro Disney has been weighed down by royalty payments to Walt Disney, which is entitled to royalty payments of up to 6% of its revenues. The company is sitting on top of a EUR2.4 billion mountain of debt.
-By David Pearson, Dow Jones Newswires; +33140171740; david.pearson@dowjones.com
