The longtime Lionsgate exec also will hold on to his title as Co-COO. The new contract provides Beeks with a $900,000 annual base salary, 50,000 “time-vesting restricted share units,” 150,000 “performance-vesting restricted share units,” 125,000 “time-vesting options to purchase shares of the Company’s common stock,” 375,000 “performance-vesting options to purchase shares of the Company’s common stock,” plus an annual bonus targeted at half his base salary, the company tells the SEC this morning. Here’s Lionsgate’s announcement:
SANTA MONICA, CA, and VANCOUVER, BC, March 9, 2012 — Steve Beeks, a 14-year veteran of Lionsgate (NYSE: LGF), has signed a new longterm agreement to continue serving as Lionsgate’s Co-Chief Operating Officer, and he has been named to the additional position of President of Lionsgate’s Motion Picture Group, the Company announced today as part of the ongoing integration of Lionsgate and Summit Entertainment. In his capacity as Co-Chief Operating Officer, Beeks will continue to report to Lionsgate Chief Executive Officer Jon Feltheimer. He will report to Lionsgate Motion Picture Group Co-Chairs Rob Friedman and Patrick Wachsberger in his role as President of the Motion Picture Group.
Beeks will be responsible for corporate operations and administrative matters for the combined entity, and he will continue to play a key role in the Company’s strategic direction. He also has direct oversight of Lionsgate U.K. and the Company’s home entertainment operations, including packaged media, worldwide television distribution and digital media initiatives.
Within the Motion Picture Group, Beeks will focus on business, financial and planning decisions for the combined Lionsgate and Summit theatrical slates, including their home entertainment releases, while newly named Motion Picture Group President of Production Erik Feig will spearhead creative decisions. Feig will continue to report directly to Friedman and Wachsberger. Beeks’ appointment to Motion Picture Group President under Friedman and Wachsberger will also facilitate an even more integrated approach to Lionsgate’s feature film releases as they are distributed in their theatrical and home entertainment windows.
“With the growth of our combined operations through the recent Summit acquisition and a combined feature film slate that is now capable of generating a billion dollars a year at the North American theatrical box office alone, Steve’s ongoing focus on financial discipline, cost control and overhead management is more critical than ever,” said Feltheimer. “We have achieved one of the best overhead-to-revenue and productivity track records in the industry in recent years, and Steve will play an integral role in maintaining these imperatives as we continue to grow.”
“Steve and Erik bring complementary strengths to our motion picture group,” said Friedman and Wachsberger. “Steve’s financial acumen and business leadership, coupled with Erik’s creative prowess and incredible eye for films with global appeal, position our filmed entertainment operations for continued growth and industry leadership worldwide. Steve’s tremendous knowledge of the home entertainment business will also foster an even more coordinated approach to our feature films’ releases from the theatrical arena through their home entertainment windows.”
“I’m delighted to work with Jon, Michael Burns, Rob, Patrick, Erik and the rest of our team in building the Lionsgate brand to the next level of performance, and I look forward to becoming more involved in helping to build on our theatrical success,” said Beeks. “We are bringing a rich and diverse portfolio ofproduct to our theatrical and home entertainment buyers across traditional and digital platforms alike. As we continue to grow, we want to ensure that we acquire, produce and distribute our content in the most rationalized, targeted and cost-effective ways possible.”
Beeks has led Lionsgate’s home entertainment business to several years of industry leadership in DVD-to-box office and VOD-to-box office conversion rates. Lionsgate’s home entertainment market share is expected to grow significantly with the combined Lionsgate and Summit slates of product.
Beeks has served as co-Chief Operating Officer of Lionsgate since 2007, and the Company has consistently achieved one of the best overhead-to-revenue percentages in the industry. He joined Artisan Entertainment, Lionsgate’s predecessor company, as President of Home Entertainment in 1998. He was named President of Lionsgate in 2004, shortly after Lionsgate’s acquisition of Artisan, and his title was expanded to include Co-Chief Operating Officer in 2007.