Movies

Imax Extends CEO Rich Gelfond’s Contract Through 2025

Big screen exhibitor Imax has extended the employment agreement of chief executive Richard Gelfond through Dec. 31, 2025.

The amendment to Gelfond’s initial agreement, effective as of January 1, 2023, also commits to annual equity award grants in 2023, 2024 and 2025. Otherwise his compensation and severance terms remain the same, according to an SEC filing Monday.

The news comes amid a flurry of new executive appointments at the company. Imax recently promoted longtime finance exec Natasha Fernandes as  CFO and tapped Jennifer Horsley as SVP of investor relations.  It also hired former Warner Media human resources executive Michele Golden as its Global Chief People Officer, overseeing HR, recruiting, talent management and DEI.

Former investment banker Gelfold and partner Bradley Wechsler acquired Imax in 1994 and have grown it into a global brand. Its box office sales have been over-indexing the industry post Covid as blockbusters, the company’s bread and butter, fueled a box office revival earlier this year. It recently posted strong number from the re-release of Jaws and this past weekend from the new David Bowie documentary  Moonage Daydream. It sells cameras and equipment and has been moving into live events. Gelfond has been a strong public advocate of theatrical even as he strives to convince Wall Street not to lump the company in with the broader exhibition industry.

In a deal announced in Cannes, IMAX Corporation and Dolphin Entertainment signed a multi-year agreement to co-finance development and production of a slate of feature-length documentaries for global release. The first film under the partnership will be The Blue Angels, the recently-announced documentary from Bad Robot Productions and Zipper Bros Films being shot with Imax cameras, another expanding business.

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