Greg Foster, CEO of IMAX Corp., will continue to hold his important position.
IMAX Entertainment, the Canadian-American entertainment technology entity known for specializing in motion picture technologies and large-format motion picture presentations, has chosen to extend CEO Greg Foster’s contract for an additional three years, which will keep him at the company through mid-2019.
IMAX’s parent company made the announcement on September 1, also indicating that Foster will retain his title of ‘Senior Executive VP’ at IMAX Corp. For the last three years, Foster has acted as CEO, with his original contract expiring in just two months time. The expansion changes that.
Previously, Greg Foster’s base salary was set to $900,000 annually. His new contractual terms outlines that he will receive a base salary of $1 million during his first year, while they’ll grant him an additional $50,000 during his second year, and he’ll receive raise of the same sum the year after that. Additionally, he’ll be eligible for a bonus equal to 100 percent of his salary.
Atop of the salary, Foster will benefit from access to restricted share units valued at $1.6 million and stock options valued at $1 million. Imax \will match his salary in contributions to a retirement plan. Next year, he’ll receive RSUs valued at $787,500, $1 million in options, and during the year to follow he’ll receive the same. He’ll also be a likely addition to the company’s board at “a date to be determined by the parties,” according to Deadline. Last year, Foster earned $4.45 million, cumulatively. Prior to heading to IMAX in 2001, Foster was employed as the Executive Vice President of Production at MGM/UA.
Foster once said, “We cracked the code on the film side,” after he oversaw last year’s revenue of $10.3 billion.
During his time at IMAX, he’s witnessed the success of numerous box office smash hits including “Star Wars: The Force Awakens,” “Fifty Shades of Grey,” and Chris Nolan’s sci-fi opus, “Interstellar,” which made IMAX quite a bit of money.
Foster, who has dedicated his life to the industry, encourage audiences to flock to theaters and have fun. IMAX praises Foster for his promotion of original content, his help boosting box office results, and his keen management of relationships with Hollywood studios.
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