AMC Entertainment CEO Adam Aron Sees $23.7 Million Pay Package In 2022, Up 25%
29.04.2023 - 22:19
/ deadline.com
AMC Entertainment chief executive Adam Aron saw compensation last year totaling $23.7 million, up 25% from $18.9 million in 2021, according to an SEC filing Friday. That included a base salary of $1.5 million, a $6 million cash bonus, and stock awards valued at $16.2 million.
“Despite challenging industry and economic conditions, as has been the case since the onset of the COVID-19 pandemic, the Company remained vigilant, flexible, and focused on maximizing results. The extraordinary efforts and creativity of our management team has allowed AMC to weather the storm while some of our competitors were forced to permanently close or seek bankruptcy protection,” the giant movie theater chain said in an amended 10K, or annual report, filing.
AMC rival Cineworld, parent of Regal, filed for bankruptcy last fall in Texas.
Despite a recovering box office, AMC has significant debt and is still vulnerable to swings. It’s waiting for a legal decision in Delaware Chancery Court this summer — related to the settlement of a lawsuit — that would provide a cushion by allowing the company to raise significant cash if needed. AMC had proposed a series of moves, that were approved by a majority shareholders, aimed at getting its finances and stock price on more solid footing. A few shareholders had sued to block the measures, but then settled with the company. A judge needs to approve the settlement.
“I will be more confident after this, after we have the ability to implement the shareholder vote,” Aron said in an interview with Deadline last week at big exhibitor conference CinemaCon.
“When you have the flexibility to raise capital if you need to, it’s really important. Whether we will need to or not depends on what … the box office is