AMC Entertainment CEO Adam Aron earned $ 20.9 million in total compensation last year, double the $ 9.6 million the year before due to a big bonus and allotments of shares.
According to the company’s SEC filing on Friday, Aron’s 2002 package included a base salary of $ 1.1 million, a bonus of $ 5 million, and a stock award of $ 14.8 million. dollars.
The company pre-announced the bonus – there was no bonus in 2018 or 2019 – citing Aron’s efforts to keep the struggling exhibitor afloat during a global pandemic that has shut down theaters. The circuit, which was on the verge of bankruptcy, was saved by a capital raise late last year and the love of retail investors on Reddit.
AMC also made headlines today as key New York City cinema market allowed theaters to reopen at reduced capacity.
AMC Entertainment CEO Adam Aron Welcomes New York Reopening, Reflects Near Bankruptcy, Greets Reddit Investors
When theaters closed in March 2020 as the coronavirus took hold, senior AMC executives, including Aron, agreed to cut their cash pay by 15% and cut other pay over three years in exchange of shares which will only vest if the price doubles or triples; Aron said at the time that he would lose $ 1.6 million as a result of the cut. With theaters dark, the company eventually had to lay off around 30,000 people and slowly brought them back as theaters reopened in parts of the country.
AMC’s struggles were among the most public and painful in the entertainment industry as revenues dried up and Aron faced high debt, homeowners and a dragging pandemic . The company has renegotiated leases and restructured its debt on several occasions, raising just enough cash to keep Chapter 11 in the mirror.
Successful fundraising in the winter gave it more clue and then turned into an unusual moment on Wall Street. Retail investors in the Reddit discussion forums became champions of the AMC share as a GameStop associate in late January, buying it aggressively. This sparked a cascade of events that helped reduce debt dramatically, just as vaccines rolled out and infection rates began to drop.