2 months ago
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Cinema operator Palace Amusement Company has made a major change at the top, with the appointment of Steven Cooke as assistant managing director.
Cooke is one of the two sons in the Palace Amusement universe, the other being Scott Graham.
Since October 8, Cooke has been assisting his father, Managing Director Charles ‘Douglas’ Graham, with film acquisition and distribution and overseeing day-to-day operations, including collaborating with management to achieve performance targets and establish strategies aimed at efficiency, fostering growth and reinforcing the company’s position as an industry leader, a release from the more than century-old company said.
Palace was founded by Jamaican Audley Morais in 1921. J. Arthur Rank, head of a British company, was majority shareholder between 1947 and 1962. And in 1962, Russgram Investments Limited, owned by Russell Graham, acquired controlling shares in the company, and after some 27 years, sold his shares to his son Douglas in 1989.
In 1973, the cinema operator became one of the early companies to be listed on the then four-year-old Jamaica Stock Exchange.
Douglas, who is now 89 years old, has been managing director of Palace Amusement for the past 62 years. He is also the company’s chairman.
Palace’s circuit has changed over time with the opening and lockdown of various cinemas, such as Odeon, Majestic and the Harbour View and New Kingston drive-ins, as business and economic conditions changed. Its current network comprises Carib 5 and Palace Cineplex, in Kingston; Sunshine Palace in Portmore; and Palace Multiplex in Montego Bay. The cinema company also operates as a distributor of films to Cove Cinema in Ocho Rios and Camana Bay Cinema in the Cayman Islands.
The 2023 Palace organisational chart had two columns. The financial operations has Carol Lee as financial controller; Trace Clarke, internal auditor; Lucille Peterkin, chief accountant; Melville Lumley, purchasing & stores manager and Garfield Williams as chief technical officer. And general operations had wife Melanie Graham as marketing & operations manager; son Scott Graham, security manager; son Steven Cooke, concessions and screen advertising manager; Gillian Crosskill, human resource manager and David Chong as engineer (now deceased).
Wealth of experience
The company said Steven brings a wealth of experience to his new position, having previously spearheaded start-up operations and managed several Palace Cinemas, to the most recent key executive roles, the company said.
Palace has not said definitively what the creation of the new position means for the eventual succession of Douglas Graham as head of the company, nor the timelines under consideration. Palace has no age requirement for the retirement of board directors, but has signalled that the issue is under review. The choice of a successor is also the remit of the board of directors, according to the corporate governance policy.
“We are excited to welcome Steven to his new role. His hands-on approach and deep industry knowledge will be invaluable as we continue to expand and enhance our offerings,” Douglas Graham said of his son’s elevation.
The new assistant MD’s years of service and contribution in the technological arena were also highlighted.
“Steven was pivotal in the rollout and implementation of premium format 4DX technology at the company’s flagship Carib 5 cinema in June 2024, a move, which has revolutionised movie-going through an immersive multi-sensory experience, including synchronised motion seats and environmental effects such as rain, wind, fog, scent and more,” Palace said.
“He spearheaded the advancement of Palace Amusement’s digital transformation process aimed at optimising all areas of business, including customer experience, internal processes and strategic operations,” the company added.
Cooke was said to be travelling and unavailable for direct comment for a week when the Financial Gleaner reached out for comment.
“As one of Jamaica’s leading and most long-standing companies, we will continue to achieve remarkable milestones and set new standards in the entertainment industry,” said Cooke in the release announcing his appointment, while describing Palace as a company with a “renowned and distinctive footprint”.
Palace Amusement is yet to fully recover to pre-pandemic levels, the business having come to a standstill amid the shutdowns and restrictions on gatherings that were sparked by the global health crisis nearly five years ago.
At year ending June 2024, the company made just over $60 million from $1.4 billion in revenue. Though positive, the results were a marked setback relative to the prior year, when Palace Amusement scored $228 million in profit from $1.52 billion revenue in 2023.
The company’s latest innovation to drive customer traffic and ticket sales is the 4DX format, an immersive cinematic experience where audience members see and feel what is happening on the screen.
English (US) ·