IMAX’s chief financial officer Patrick McClymont, who has served in the role since 2016, will be leaving the company next month to become CFO of an undisclosed private company, Imax revealed Thursday while reporting its quarterly earnings results.
Joseph Sparacio, who preceded McClymont as Imax CFO and more recently served as chief financial officer of Entertainment One (eOne), will temporarily rejoin Imax to serve as interim CFO while a search is conducted to fill the role permanently.
“On behalf of IMAX, I want to thank Patrick for his significant and valued contributions to the Company throughout his tenure,” Imax CEO Richard L. Gelfond said in a statement Thursday. “He is a strategic, thoughtful executive and we wish him and his family all the best of luck in their new adventure. IMAX is in a strong financial position with real momentum as we grow our network and brand throughout the world and I am confident that momentum will continue without interruption as we search for a successor.”
Imax revealed its first-quarter 2021 financial results on Thursday. The giant-movie-screen company grew revenue year over year, but still missed media analysts’ consensus estimate.
It lost one penny per share less than forecasts foresaw, so there’s that.
Wall Street had forecast a loss of 26 cents per share on $39.05 million in revenue, according to a consensus of media analysts as compiled by Yahoo Finance. Imax actually reported a loss of 25 cents per share on $38.8 million in revenue.
You can read more about Imax’s Q1 2021 results here.