Thomas Tull has resigned as chairman and chief executive of Legendary Entertainment , nearly a year to the date after China’s Dalian Wanda Group acquired the Burbank-based film and TV production company in a high-profile deal worth $3.5 billion
Wanda has installed Jack Gao as interim CEO of Legendary while it searches for a full-time replacement for Tull, who founded Legendary in 2000 and built it into a formidable Hollywood production company behind such blockbusters as “The Dark Knight” trilogy, the 2014 remake of “Godzilla” and the upcoming “Kong: Skull Island.”
Wanda’s acquisition of Legendary was the largest purchase of a Hollywood production company by a Chinese firm. It confirmed the increasing importance of Chinese money in the financing of big-budget American movies as well as the ascendance of Wang Jianlin, Wanda’s chairman, as a major Hollywood player.
Wanda also owns the AMC movie theater chain, which became the largest cinema operator in the country after acquiring Carmike Cinemas last year. It also paid $1 billion for Dick Clark Productions and last fall announced a partnership with Sony Pictures , giving it some creative control over upcoming Sony films.
In a release Tuesday, Wanda said that it would continue to support Mary Parent, who heads production at Legendary, and her team “with the resources needed to develop and produce its existing and future film slate.”
Other upcoming Legendary projects include “Pacific Rim Uprising,” a new adaptation of Frank Hebert’s “Dune” and the drama “Bad Blood,” starring Jennifer Lawrence.
In August, Wanda said it was delaying integrating Legendary into its existing operations and that the company should operate independently for a period and show that it can produce stable returns.
Tull, whose net worth is estimated by Forbes at more than $1 billion, said in the release that after a year of transition, “I know that the company is stable with great leadership, so at this point I am able to leave and pursue the new interests and endeavors I have been planning.”
Wanda said Tull plans to spend time on his Tull Investment Group, which invests in life science, media and technology firms. He will retain the title of founding chairman and remain a stakeholder in Legendary.
Gao joined Wanda in 2015 and has served as chief executive of international investments and business developments for the Wanda Cultural Industry Group. Prior to joining the company, he held executive positions at News Corp. and Microsoft.
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