Lionsgate CEO Jon Feltheimer’s total compensation for fiscal year 2023 reached $21.5 million, according to the company’s latest proxy filing. This is a significant jump compared to the $5.6 million he received in fiscal 2022 and his overall compensation package of $19.1 million in fiscal 2021. However, Feltheimer’s base salary remained unchanged at $1.5 million, consistent with the previous two years.
What increased significantly was his bonus, which rose to $10 million in 2023, compared to $2.8 million in 2022 and $10 million in 2021. Notably, Feltheimer did not receive any option awards in 2023, similar to the previous fiscal year, but had received $6.7 million in option awards in 2021. On the other hand, his stock awards for fiscal year 2023 saw a significant increase to $9.75 million, compared to $1 million in the previous year and $700,000 in fiscal 2021.
In August 2020, Feltheimer extended his long-term employment agreement with Lionsgate, potentially keeping him with the Hollywood studio until August 2025. His latest pay package comes as the media giant delays the spin-off of its studio business to the first quarter of 2024 due to various factors, including the recent acquisition of producer Entertainment One and the impact of dual Hollywood strikes.
Lionsgate is currently exploring options for its Starz brand, considering a potential separation of the pay TV and streaming business from its studio operations. The aim is to create two standalone companies, allowing investors to value the Starz and studio assets separately. The expected transaction is set to be announced by the end of September.
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Apart from Jon Feltheimer, other Lionsgate executives also witnessed a significant increase in their overall compensation packages. Lionsgate vice-chairman Michael Burns’ compensation rose to $10.1 million last year, compared to $4.4 million in fiscal 2022. Lionsgate CFO Jimmy Barge followed a similar trajectory, receiving $10.87 million in overall pay for fiscal year 2023, compared to $6.45 million the previous year. Similarly, studio COO Brian Goldsmith saw his total pay increase to $6.6 million in fiscal 2023, up from $5.44 million in the prior year.
Lionsgate is scheduled to hold its annual meeting of shareholders at its office in Vancouver on November 28, 2023. This will provide an opportunity for the company’s leaders to showcase their achievements and address any investor concerns.
Overall, the increase in compensation for Lionsgate executives reflects the company’s confidence in their leadership and their ability to navigate the challenges and opportunities in the entertainment industry. As Lionsgate continues to evolve and explore new strategies, it is crucial for the company to retain top talent and reward their contributions appropriately. By attracting and retaining experienced executives like Jon Feltheimer, Lionsgate strengthens its position in the industry and ensures continued success in the years to come.
