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Imax CEO Richard Gelfond’s compensation for the latest fiscal year came to $7.1 million, up from $6.28 million in fiscal 2018, according to a regulatory filing Wednesday.
Gelfond received a base salary of $1.2 million last year — the same as in 2018 — and saw his bonus fall to $1.1 million, against a bonus of $1.7 million in fiscal 2018.
Gelfond made $5.4 million in fiscal 2017, when his bonus was $850,000. He received no stock awards in fiscal 2017, 2018 and 2019.
The giant-screen exhibitor also revealed in an SEC filing that Megan Colligan, president of Imax Entertainment, made $4.2 million in total compensation for fiscal 2019, her first year of employment at Imax. And Patrick McClymont, Imax’s CFO, saw his overall pay edge up to $2.72 million last year, against $2.6 million in fiscal 2018.
As rival exhibitors burn cash to survive theater closures amid the coronavirus outbreak, Imax has projected balance sheet strength and liquidity to ride out the severe industry disruption as it doesn’t have real estate costs to carry on its balance sheet.
Imax will report its first quarter financial results on Thursday. Currently, the company has virtually all of its 1,616 giant-screen theaters across 81 countries shuttered due to public health restrictions.
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