Imax CEO Richard Gelfond’s compensation package totaled $7.1 million last year, up 13% from the year before. The company said in its proxy statement the package consisted of $1.2 million in s…
CEO Richard Gelfond’s compensation package totaled $7.1 million last year, up 13% from the year before.
The company said in its proxy statement the package consisted of $1.2 million in salary; a $1.1 million bonus; $2.3 million in option awards and $1.5 million in other compensation. Imax noted higher annual revenue, strong net income growth and an all-time global box office record n 2019 of $1.1 billion, including $366 million in Greater China..
This year didn’t go as well, as Imax will discuss when it reports quarterly earnings tomorrow morning. In a letter to shareholders in the proxy, Gelfond notes that Imax has been facing COVID-19 longer than many other companies. Its screens across China closed in January as part of the country’s broader shutdown to slow the spread of the virus. Multiplexes around the world followed. Most of the1,616 Imax theaters across 81 countries and territories remain shuttered.
But he said the company is well-positioned to power through. “Our business model is asset-light with a global workforce of under 750 people. Our primary capital expenditures are growth related and controllable. We continue to take incremental cost actions as we manage through this pandemic,” he wrote.
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