AMC Entertainment Holdings Inc.’s chief government officer requested the theater chain’s board to freeze his compensation subsequent yr, and he’s requested greater than a dozen of his prime lieutenants to make the same sacrifice at a time when shareholders have been harm.
Adam Aron, the CEO, mentioned on Twitter Tuesday he requested the board to carry his money and inventory pay regular for 2023. He earned $18.9 million in wage and different compensation final yr, in line with filings.
Shares of the chain, the most important within the US, are down greater than 70% this yr. The corporate turned a preferred meme inventory amongst retail traders in 2021, hovering to greater than $45 from underneath $2. Nevertheless it has since retreated and was down 6.9% to $4.10 at 11:56 a.m. in New York.
“I are not looking for ‘extra’ when our shareholders are hurting,” Aron tweeted.
The chief mentioned he additionally requested his most senior officers, 15 to twenty officers, to forgo pay will increase in 2023.
North American box-office gross sales this yr are up 68% to $7.23 billion, in line with Comscore Inc., bouncing again from lows in the course of the Covid-19 pandemic. However income stays under 2019 ranges, and AMC misplaced $685.9 million by means of 9 months of 2022.
The inventory fell final week after administration announced plans to transform most popular fairness models into frequent shares and execute a 1-for-10 reverse inventory break up. AMC additionally raised $110 million by means of the sale of preferred-equity models to debt holder Antara Capital LP at a weighted common worth of 66 cents every, under market worth.
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