Business
Academy’s Decision to Extend CEO’s Tenure
Learn about the recent decision made by the Academy to extend the CEO’s tenure. Explore the implications and potential impact of this strategic move on the organization and its stakeholders.
In a time of change in Hollywood, the Academy of Motion Picture Arts and Sciences has decided to extend Bill Kramer’s term as chief executive until July 2028. This decision was made a year early due to Kramer’s outstanding leadership and significant contributions to the organization.
Challenges Faced by the Academy
The Academy has encountered various challenges in recent years, including the need to diversify the Oscars nominations, declining television ratings for award shows, controversies such as the Will Smith incident at the 2022 Oscars, and the establishment of the Academy Museum.
- Despite facing challenges, the recent Academy Awards saw a viewership increase to 19.5 million, marking a four-year high.
- Kramer’s tenure as CEO began in 2022 after serving as the director of the Academy Museum, where he played a key role in its successful opening.
Kramer’s current responsibilities include overseeing all aspects of the academy, which has over 700 employees across Los Angeles, New York, and London. With an annual operating budget of around $170 million, the academy relies heavily on its broadcast deal with Disney and ABC, contributing 70% of its funding until 2028.