Mandalay co-founders Peter Guber and Paul Schaeffer have joined Iwerks’ board of directors as chairman and vice chairman, respectively.

Burbank-based Iwerks, a competitor with Imax, operates 250 attractions in 38 countries.

Guber and Schaeffer are the co-founders and current chairman and vice chairman of the Mandalay Entertainment Group.

In their board positions with Iwerks, they will work with the existing directors and management to contribute to strategic planning for the company.

In addition, Guber and Schaeffer will be issued warrants to purchase Iwerks stock representing 10% of the company’s outstanding shares.

Guber is involved in large-format film production as co-chairman of Mandalay Media Arts, which is producing “Galapagos: A Close Encounter,” a joint venture with the Smithsonian Institution and Imax Corp.

Guber, who produced “Flashdance,” “Batman” and “The Deep,” served as chairman of Sony Pictures Entertainment from 1989 to 1995, when he founded Mandalay.

Schaeffer is veep and chief operating officer of Mandalay and served as executive veep of Sony Pictures.