Lionsgate is extending the contract of chief executive Jon Feltheimer through to 2023, or as late as August 2025, at which point Feltheimer will mark 25 years as CEO of the entertainment company.
In a filing with the U.S. Securities and Exchange Commission Wednesday (Aug. 26), the employment agreement between Lions Gate Entertainment Corp. and Feltheimer states the executive’s contract will run through to August 2023, with the option to extend the term for an additional one or two years to Aug. 21, 2024 or Aug. 21, 2025.
The CEO’s annual base salary sits at US$1.5 million.
Feltheimer was named CEO of Lionsgate in March 2000 after a nine year stint at Sony Pictures Entertainment as head of the Columbia TriStar Television Group.
Since taking up the role, Lionsgate’s market capitalization has grown from $80 million in 2000 to more than $5 billion today, and its revenue has increased “more than 20 times over,” according to the company’s website.
Recently, in May, the company reported it had charged $50.5 million in incremental costs in the fourth quarter as a direct result of the COVID-19 pandemic.
While Lionsgate stated it expects to incur “additional incremental costs” in the future as a result of the pandemic, it did report slightly higher revenues of $944 million and a bump in global OTT paid subscribers.