Globus to Stay on as Chairman of Cannon Unit

Yoram Globus will remain with Cannon Group, serving as chairman and chief executive of the Cannon Entertainment subsidiary as well as an officer and director of the parent firm.

A day earlier the company had announced that Globus’ longtime associate at Cannon, Menahem Golan, had resigned his posts to start a new movie production firm with $160 million of Cannon financing. Golan and Globus headed the Los Angeles-based movie company from 1979 until last April, when its new European backers, led by Florio Fiorini and Giancarlo Parretti, took control.

Globus, who will serve on the parent’s executive committee with Fiorini and Parretti, said he was glad to be working with them to put together “a major motion picture company.” The Fiorini-Parretti group recently started Pathe Entertainment with Alan Ladd Jr. as chairman and agreed to buy New World Entertainment.