Imax CEO Richard Gelfond's Compensation Falls in 2013
TORONTO – Imax Corp. CEO Richard Gelfond earned just over $1.7 million in 2013, down from $3.6 million in 2012.
The drop was due to a $1.73 million change in pension value in the year to December 31, 2012, according to an SEC filing on Tuesday.
Gelfond also had a bonus of $1 million for 2012, versus a bonus of $825,000 for the year ending on December 31, 2013.
The CEO topper received no stock options or awards during the last two fiscal years.
At the same time, Gelfond, at the beginning of this year, received a new contract with a big salary and cash bonus bump over the next three years.
His pay, starting on January 1, 2014, includes a base salary of $1.1 million, up from $750,000 last year.
Gelfond's bonus also jumped -- from $825,000 in 2013 to a bonus of 1.1 times his base salary.
He was eligible to receive a cash bonus of up to twice his base salary.
Additionally, his new contract includes three annual stock option grants valued at $3.9 million per annum.
Joseph Sparacio, the CFO and executive vp, earned $1.27 million in 2013, up from $1.02 million in 2012.
Greg Foster, CEO of Imax Entertainment and senior executive vp of Imax Corp., earned $3.31 million last year, well above his 2012 earnings of $1.51 million.
In a letter to shareholders coming ahead of Imax's annual shareholders meeting on June 2, 2014 in New York City, Gelfond cited global growth for the exhibitor's theater network and Hollywood and local language film offerings.
"Fiscal year 2013 was a pivotal year for Imax in every sense of the word," he told shareholders.
Gelfond also cited Imax's decision to sell a 20 percent stake in its Chinese business as a sign that international box office was increasingly key to the future growth of the company.