Stephen Marcus announced Tuesday that he is stepping down as chairman of the board of Milwaukee-based movie theater and hotel company The Marcus Corp., effective immediately.
The company’s board of directors named him a non-director chairman emeritus and special advisor to the company.
His son, Greg Marcus, the chief executive officer and president of The Marcus Corp., was named chairman of the board on Tuesday.
Stephen Marcus led the company for more than 60 years, including 31 as chairman. He joined the company in 1962 after working in accounting and law. The company was started by his father, Ben Marcus, with the purchase of a single movie theater in Ripon in 1935.
Stephen Marcus oversaw a period of growth and change for The Marcus Corp., including taking the company public and growing the organization to what is today the fourth largest movie theater company in the nation, a significant hotel and resort company, and an employer of more than 8,000 people in 18 states.
He has been a director of the company since 1969, was chief executive officer from 1988 to 2009, and served as chairman of the board since 1991.
“On behalf of our board of directors, tens of thousands of past and present Marcus Corporation employees, and so many others, thank you Dad,” said Greg Marcus. “Words will never be enough to describe what Steve Marcus means to our company, the city of Milwaukee and our family. His strong work ethic, business acumen, depth of character and total lack of ego serve as the model for me and so many others who have had the privilege of working alongside him. Speaking for all of us, we are grateful for all he has done – and will continue to do – to grow our company and better our communities.”
Greg Marcus, the third generation of the Marcus family to lead the company, joined The Marcus Corporation in 1992. He was elected to the board of directors in 2005, promoted to president in 2008 and has served as president and chief executive officer since 2009.
“Greg’s experience, leadership and strategic approach are key contributors to the company’s track record of driving shareholder value,” said Philip Milstein, lead independent director of The Marcus Corporation board of directors. “The Marcus board is confident that now is the right time for Greg to become chairman as we continue to advance the company’s growth and performance.”
The current members of The Marcus Corporation board of directors are:
- Greg Marcus, chairman, president and chief executive officer of The Marcus Corp.
- Diane Marcus Gershowitz, real estate manager and investor
- Timothy Hoeksema, retired chairman, president and chief executive officer of Midwest Air Group, Inc.
- Allan H. “Bud” Selig, commissioner emeritus of Major League Baseball
- Bruce Olson, retired senior vice president of The Marcus Corp. and retired president of Marcus Theatres
- Philip Milstein, principal of Ogden CAP Properties, LLC
- Brian Stark, former founding principal, chief executive officer and chief investment officer of Stark Investments
- Katherine Gehl, former president and chief executive officer of Gehl Foods, Inc.
- Austin Ramirez, chief executive officer of Husco International
