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AMC Entertainment Holding’s chief executive officer, Adam Aron, made a request from the company’s board this week. He asked the group to freeze his salary for 2023 and cited the sharp drop in share price as the reason.
The AMC chief is reportedly earning $19 million per year, but he decided to put his compensation on hold in an effort to help protect the shareholders. He said he does not want “more” when the company’s shareholders are “hurting.”
"Biggest inflation in 40 years, so in 2023 companies will grant large percentage salary raises but I do not want ‘more’ when our shareholders are hurting," he tweeted. "So, I recommended to the AMC Board to red circle and freeze both my target cash and target stock pay for 2023. NO INCREASE."
According to Reuters, Aron also urged other top executives to give up their pay increase next year. AMC Entertainment’s shares have plunged more than 75% this year amid the growing popularity of streaming. The company also suggested that the drop was due to fewer blockbuster releases at its over 900 theater locations which drove up cash burn and losses.
It was reported that the theater chain attempted to endure the pressure by raising cash and taking advantage of the retail interest it received in the course of the meme stock rally last year.
Moreover, AMC revealed earlier this month that it would be raising $110 million in new equity capital through the sale of its preferred stock in addition to the proposed reverse stock split.
The company also announced it is no longer in talks for the acquisition of Cineworld cinemas owned by the bankrupt Cineworld Group. It has withdrawn from the talks after discussions with several lenders.
Meanwhile, AMC’s CEO was also asked on social media if there would be a salary hike for regular employees. He answered in the affirmative which means workers can expect pay raise while he will forgo his in the meantime.
“Yes, absolutely yes,” Adam tweeted in reply to an inquiry about employees’ pay increase. “We are asking for financial sacrifice only from those at the very top. It is hard to recruit workers so we must pay our people fairly. Indeed, wages for our “film crew” (hourly workers at our U.S. theatres) have been rising by double-digit percentages.”
Photo by: Clay Banks/Unsplash
