Euro Disney turns to Burger King exec
March 29, 2003 - The Hollywood Reporter
PARIS—French theme park operator Euro Disney SA has appointed Andre Lacroix, president of Burger King’s international division, to be its next chairman and CEO, the company said.
Yann Caillere, previously senior vp operations at Euro Disney, has been named president and chief operating officer.
Friday’s news comes on the heels of Euro Disney’s postponement of its March 26 shareholders meeting so that the company could present the new chairman at the meeting.
The date Lacroix will take office has not been determined, but a spokesperson at Euro Disney said Friday that he will be present for the shareholders meeting, which is now scheduled for the beginning of May.
Lacroix and Caillere will have their work cut out for them, with Euro Disney teetering under the heavy cost of opening its second theme park outside Paris, Walt Disney Studios, in March 2002. Despite recording an operational profit, the new park led the company to post a ?33 million ($35 million) net loss for the year. The park also has begun to feel the impact of the war in Iraq in terms of attendance.
The company made the announcement after the market closed Friday. Euro Disney stock had slipped 2.63% to €0.37 (40 cents) amid rumors of the appointment.
Lacroix joined Burger King in 1996 as general manager of the company’s German operations. He later took over as president for Burger King in northern Europe, the Middle East and Africa.
Lacroix will replace Jay Rasulo, who has held the position since 1999. Rasulo also has been working as president of Walt Disney Parks and Resorts since September and will complete his relocation to its Burbank offices once Lacroix takes office.
The Walt Disney Co. controls a 39% stake in Euro Disney.