IMAX chief banks £7m compensation as cinema makes steady recovery

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The “exceptional” film was to be part of the 68th London Film Festival over the weekend, but has been withdrawn.
The “exceptional” film was to be part of the 68th London Film Festival over the weekend, but has been withdrawn.

IMAX chief Richard Gelfond received $9m (£7m) compensation last year, up from $6.9m (£5.5m), as the cinema backs its experiential offering.

Gelfond received a base salary of $1.2m last year, the same as his $1.2m salary in 2020 and 2019.

Whilst he received no bonus for 2021 or the year-before, he received $5.9m option awards , as well as $1.9m in non-equity incentive plan compensation, according to a SEC filing.

It comes after the company delivered its strongest Global Box Office, Revenue, and Gross Margin since 2019, with blockbusters and consumers returning to cinemas in force and studios recommitting to exclusive theatrical releases.

IMAX beat Wall Street’s estimates in 2021, with adjusted EBITDA of $44.3m, and $108.6m in revenue.

In the trading update, Gelfond said 2022 was the “perfect runway” for the firm, with major blockbuster hits like “Doctor Strange” and “Top Gun: Maverick” set to be released.