IMAX Corporation is reorganising its management structure with long-time co-chairmen and co-CEOs Brad Wechsler and Richard Gelfond assuming sole title to the respective roles of chairman and CEO.
In a release, IMAX said chairman Wechsler will focus on corporate strategy, governance and business development while CEO Gelfond will handle day-to-day responsibilities.
The move anticipates an executive head-hunt for a chief operating officer to buttress strategic changes at the giant-screen company. In effect, Wechsler is taking a giant step out of the executive suite.
In a statement, Wechsler said the time was right for a transition. '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.'
The two men have been joined at the hip since taking over the company in 1994 and taking it public, transforming it from a niche player associated with the educational (read 'good for you') field into an international commercial brand.
Against the predictions of many, the technology company expanded into the distribution and exhibition business by reformatting Hollywood films as IMAX titles.
It is well-placed to capitalize on the explosion in the digital camera and projection fields.
As of September 30, IMAX had signed contracts for 207 digital theatre systems and is involved in 38 joint-revenue sharing digital systems; a further 45 digital systems should be in place by year's end.
It estimates it will between 115 and 125 revenue sharing systems operating by the end of next year.
In terms of content, the company filled the greater portion of its slate through 2009 and into 2010 with films from every major studio.