Imax CEO Richard Gelfond Earned $7.1 Million In 2019, Up 13%, As Company To Report Quarterly Earnings Thursday

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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Adidas CEO doubles down on ecommerce as 70% of its global stores remain closed - Business InsiderAdidas plans to ramp up digital presence and reopen stores in the US by mid-May; currently, more than 70% of its global store base remains shut. I feel these big companies should have the resources to manage the necessary changes the global situation has forced on our way of life. Most retailers should already have 90% of it's business online and be running lean on overhead, anyway. We are a digital society who got tired of hiking thru malls. The consumer has changed the way we buy. After lockdown, we are going to be real lazy now...
Source: BusinessInsider - 🏆 729. / 51 Read more »

Boeing CEO Sees Years Of Recovery From Coronavirus Ahead For Aviation IndustryBoeing's CEO told shareholders in a virtual annual meeting on Monday that it may take several years for commercial airlines to recover from the huge drop-off caused by the coronavirus pandemic. Well Boeing really has no room to talk... Do we need to go down the 747 Max rabbit hole? You’d be experiencing years anyway recovering. While the rest of the airline industry was having their best several years on record, once the gaslighting is over w/ Covid it’ll bounce Poor babies. Translation: we have an excuse to jack up baggage fees again
Source: NPR - 🏆 96. / 63 Read more »