His departure “does not arise out of any disagreement with the Company,” Imax says.
It had promised to add Foster to the board as part of his contract renewal, disclosed last month. Since he’s an employee, he won’t receive extra pay for serving on the board, or sit on one of the committees.
And the Douglas family is Imax’s biggest shareholder, with 13% of its stock, according to the company’s proxy in April. Douglas and his wife, Michelle, gave the University of Southern California’s School of Cinematic Arts an Imax theater and an Immersive Media Lab to teach students “immersive entertainment experiences.”
Imax deems Douglas an independent director. That will entitle him to collect a $50,000 annual retainer, and restricted share units. They haven’t decided yet what committees he’ll join.
Douglas “has demonstrated a long-term commitment to Imax as a shareholder and I have valued his advice over the years,” CEO Richard Gelfond says. And Foster “has played a pivotal role in making Imax a key player in the global entertainment landscape.”
Pompadur is a longtime media executive and deal maker at ABC and News Corp.