Ambassador Theatre Group (ATG), one of the West End’s biggest theatre owners, and a major UK and Broadway owner and producer, has announced that Ted Stimpson has been appointed as its new CEO, effective tomorrow, 17 October 2023.
Stimpson will succeed current CEO Mark Cornell, who is stepping down after seven years with the company.
Ted Stimpson was recently CEO of Go City, the attractions marketing company, and has held Board and Advisory roles with Go City, Hellotickets, Stasher, Unplugged, and Virgin Experience Days.
He has an MBA from The Wharton School of the University of Pennsylvania, and his CV includes: CEO of Imagitas from 2001 to 2013, CEO of Smart Destinations from 2013 to 2016, CEO of Go City from 2017 to 2019, and Executive Partner at AEA Partners from 2020 to 2023.
The news has come as a shock to the West End and Broadway theatre communities. Only last month Cornell hosted ATG’s starry summer party featuring a wealth of ATG talent. He had been basking in the glow of a big year, with ATG’s deal to buy five prestigious Broadway theatres owned by Jujamcyn Theaters completing in July 2023. The group now owns 64 venues in the UK, the US, and Germany, including a number of flagship venues in London including the Duke of York’s, Savoy, Harold Pinter and Piccadilly Theatres.
ATG has also ramped up their ATG Productions divisions in recent years, producing shows in their own venues including Cabaret at the Kit Kat Club in London – and soon on Broadway, Sunset Boulevard at the Savoy Theatre – with rumours of a Broadway transfer, and the Pretty Woman UK & Ireland tour. They also own or co-fund two of the West End’s – and also now Broadway’s – biggest talent shops: Sonia Friedman Productions and The Jamie Lloyd Company.
ATG are owned by Providence Equity Partners, a private equity company focused on North America and Europe, who own 170 private equity portfolio companies; and a minority owner is Sydney based live entertainment group TEG.
ATG has form in terms of shock exits. In 2016, Howard Panter and Rosemary Squire — the husband and wife team who founded ATG, were ousted after 25 years. They have go on to form theatre owner and producer Trafalgar Theatres.
Mark Cornell, was formerly an exec at Moët Hennessy and Krug, and managing director of auction house Sotheby’s. In January 2023, ATG’s Mark Cornell, Michael Lynas and Adam Speers were ranked Number 2 in The Stage 100 most influential people working in theatre. Cornell will continue to work with Providence as a Senior Advisor.
New CEO of ATG Ted Stimpson “I am thrilled to be joining ATG, an organisation I have admired for a long time as a theatre enthusiast, and to be leading the company as it pursues its exciting next chapter of growth. Now is a great time to further accelerate ATG’s growth strategy and reinforce ATG’s position as a global leader in live entertainment through continued investment in our venues, state-of-the-art ticketing, digital marketing and new customer experiences. I look forward to working with the management team, including Chief Operating Officer Nick Potter and Global Content & Creative Director Michael Lynas, along with ATG’s partners Providence and TEG, and my new colleagues around the world, as we continue to delight audiences.”
ATG Board Member & Senior Managing Director at ATG’s owners Providence, Andrew Tisdale, said: “We are pleased to welcome Ted, an outstanding leader with proven experience in delivering strategic and operational excellence at tech-enabled consumer facing businesses. We were impressed with Ted’s enthusiasm for live events and creating memorable experiences for customers. We look forward to working together. At the same time, on behalf of everyone at Providence and ATG, I want to thank Mark for his many contributions over the years and look forward to continuing to work with him as a Senior Advisor to Providence. During his seven years as CEO, Mark spearheaded over 3x revenue growth by significantly expanding the Group’s venues from 40 to 64, as well as through organic growth and a firm commitment to outstanding programming. His leadership is testament to his passion, energy and dedication, no more so than through the unprecedented challenge of global pandemic.”
Former ATG CEO Mark Cornell said: “I have thoroughly enjoyed leading this iconic business over the last seven years. Together with an outstandingly talented executive team, we have transformed this company and created a significant business within the exciting world of live entertainment. The creative energy and drive imbedded within ATG is second to none. I am particularly proud of both the values and commitment within the Group to delivering world-class content from the leading theatre productions in the world, coupled with an enhanced audience experience. I look forward to observing the continued progress of the Group over the coming years.”
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