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Imax CEO Resigns; Ex-HBO Chief Fuchs Joins Its Board

February 07, 1996|From Bloomberg Business News

TORONTO — Imax Corp. said Monday that Chief Executive Robert Corrigan resigned and that Michael Fuchs, former chairman of Time Warner Inc.'s Home Box Office and Warner Music Group units, joined the board of directors.

Toronto-based Imax designs and supplies projection and sound systems and produces and distributes films for large-screen theaters. The films are frequently shown in a 3-D format on screens that can be 80 feet high.

The company said Corrigan will not be replaced as chief executive but that his duties will be assumed by Imax's two top officials, Chairman Bradley Wechsler and Vice Chairman Richard Gelfond, who will continue to work in New York. "We have had a great run, and it's a great company," said Corrigan, 55, who hasn't announced his plans. "There's not much more I can add" to Imax.

Imax's shares fell $1.25 to close at $26.50 on Nasdaq.

The addition of Fuchs will help Imax accomplish its goal of "evolving into a more mainstream entertainment company," Wechsler said.

As chairman of HBO until his ouster last year, Fuchs nurtured the cable network into a major entertainment force. Asked about his plans to help Imax, Fuchs said, "Maybe we can do the same kind" of success at Imax.

Corrigan joined Imax in September 1994, after heading International Business Machines Corp.'s personal computer division.

Imax has made progress by shifting its focus to commercial movie theaters from museums and other largely nonprofit venues. The company changed its game plan in the hope of attracting a wider audience for its films.

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