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Imax renewed CEO Richard Gelfond’s contract through December 2025.
According to a Sept. 19 filing with the Securities and Exchange Commission, Gelfond will retain his pre-existing compensation, equity and severance terms. Over the past three years, Gelfond has received a base salary of $1.2 million and a total compensation of $9.08 million, including other awards.
Gelfond has been CEO of Imax since 2009, after serving as co-CEO in 1996.
He will continue to lead Imax as the company navigates the changing film release model, as well as its own partnerships with exhibitors, including Cineworld, which recently filed for Chapter 11 bankruptcy protection. Imax has said that it maintains a “strong liquidity position and a flexible business model” and can weather these changes.
Meanwhile, Gelfond has tried to move investors away from thinking of the company in the same terms as movie theaters.
“We are not an exhibitor and this obvious fact is further demonstrated by our results,” Gelfond said on the company’s July 28 earnings call. “Despite a first quarter nearly devoid of blockbuster releases, our year-to-date domestic box office through June trailed 2019, our best year ever, by only 5 percent. And in contrast the domestic exhibition industry was down 35 percent over the same period.”
The company also recently hired former HBO Max executive Michele Golden as its global chief people officer.
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