IMAX Corporation (NASDAQ: IMAX) is one of the world’s leading entertainment technology companies with a strong focus on motion picture technologies. The company today announced changes in its management that will help the company expand operations and successfully execute the company’s anticipated growth.
Bradley J. Wechsler, currently serving as chairman and co-CEO of IMAX, will become the sole chairman of the board. Richard L. Gelfond, currently the co-chairman and co-CEO, will become the sole CEO of IMAX and will keep his seat on the board.
In a joint statement, Wechsler and Gelfond said the company will begin searching for a new COO to assist in the management of the IMAX’s expansion, new digital strategy and key joint ventures.
“Together, we have developed the strategy that transformed the IMAX business from a niche film entertainment experience found in museums and institutions into one of the world’s leading entertainment technology companies. IMAX today is rapidly expanding its theatrical distribution platform worldwide by exhibiting blockbuster Hollywood films in the best format available for consumers in more than 300 theatres and multiplexes around the world,” stated Wechsler and Gelfond.
“We have a strong management team in place and have made tremendous progress over the past year. The implementation of our new digital theatre systems and our joint-venture business model with commercial theatre operators has advanced considerably. Our strategy is taking hold, and we are on our way to delivering improved financial performance,” they added.
In his new position, Wechsler will focus on capital market strategies, corporate governance and business development opportunities for the company. Gelfond will focus on running the business and carrying out the company’s strategy, digital theatre system roll-out and joint-venture theatre businesses.
“Now that we have begun to successfully implement IMAX’s Hollywood and digital strategies, I think this is the ideal time for me to transition into the chairman’s role. This will allow me to continue to use my energy and talents to benefit IMAX, while also pursuing other opportunities of interest to me. This is a natural evolution for the company, and I look forward to continuing to work closely with Rich to achieve our goals over the short and long term,” Wechsler stated.
Wechsler and Gelfond said the new positions open the door for the company to revamp its position in the market and continue attaining its goals.
“We are excited about the opportunities we see for IMAX as we enter a new phase of growth. Our digital roll-out is on track and we have a strong Hollywood feature film slate, with virtually every major film studio releasing blockbuster films in IMAX. These changes in the leadership and management of IMAX are being done at the ideal time, and we believe they will ensure our continued growth and long-term success,” they stated.
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