Lionsgate Extends CEO Jon Feltheimer’s Contract to 2025
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Lionsgate has extended CEO Jon Feltheimer’s contract for another year, through August 21, 2025.
Feltheimer signed a new deal in 2020 that potentially would keep him at the studio through to Aug. 2025. On Aug. 12, Lionsgate’s compensation committee made the decision to exercise its option under the employment agreement with the studio head to keep him as CEO through 2025, the studio said in a Securities and Exchange Commission filing.
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On July 28, Lionsgate announced Feltheimer saw his total compensation fall to $5.58 million for fiscal 2022, according to the company’s latest proxy filing. That was down from fiscal 2021 when Feltheimer received $19 million in total pay, and the $11 million he earned as part of his overall compensation package for fiscal 2020.
Feltheimer’s 2022 compensation included an unchanged $1.5 million base salary, but his bonus tumbled to $2.8 million, against a year-earlier $10 million bonus for 2021. In its latest regulatory filing, Lionsgate added that, beyond his base salary of $1.5 million, Feltheimer is eligible to receive an annual performance bonus based on new performance criteria, with the target bonus starting with the 2023 fiscal year pegged at $7 million.
“Any portion of Mr. Feltheimer’s annual bonus that exceeds $1.5 million for a particular year may be paid to him in the form of fully vested company common shares,” the SEC filing stated.
Extending Feltheimer’s contract follows the Lionsgate Television Group disclosing that it had 14 new shows picked up to series and 15 current series renewed for additional seasons.
The studio has also had global subscriber growth at Starz, which could be the subject of a sale of spin off. Lionsgate stock rose 9 percent in fiscal 2022 and has jumped over 20 percent since the company’s first quarter earnings call.
