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Panavision Makes Changes at the Top

September 02, 1998|MARLA MATZER

Investor Ronald O. Perelman has announced top management changes at Woodland Hills-based motion picture camera firm Panavision Inc., two months after taking control of the company through his Mafco Holdings.

Perelman, 55, will become chairman at the end of the year, while his close associate, Joseph P. Page, 44, will become chief executive this month. Perelman replaces 10-year Panavision Chairman William C. Scott, 64, who will retire and remain a consultant to the company. Page will also assume the duties of Chief Financial Officer Jeffrey J. Marcketta, 43, who is leaving to pursue other interests, according to a Panavision statement.

Panavision is the leading manufacturer and supplier of cameras to the film industry. Mafco announced in December that it would acquire approximately 72% of the company's shares in a deal valued at about $610 million. Warburg, Pincus Capital Co. owns about 19% of Panavision shares; 9% are publicly traded.

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