Adam Aron, the CEO of AMC (AMC) Entertainment Holdings, asked the theater chain’s board not to increase his salary in 2023, he said in a tweet Dec. 27. “I do not want ‘more’ when our shareholders are hurting,” he said.
The theater chain is still recovering from closures and a wider shift to streaming during the pandemic. AMC’s stock is down 75 percent from its 2019 peak, and its revenue hasn’t reached pre-pandemic levels. Over nine months in 2022, the company spent more than it made.
1 of 3/ Biggest inflation in 40 years, so in 2023 companies will grant large % salary raises. But I do not want “more” when our shareholders are hurting. So, I recommended to the AMC Board to red circle and freeze both my target cash and target stock pay for 2023. NO INCREASE.
— Adam Aron (@CEOAdam) December 27, 2022
Aron asked 15 to 20 senior executives to make the same decision, which he said they will likely agree to do. In 2021, he earned $18.9 million. The chief financial officer made $4.7 million, and an executive vice president made $3.4 million, according to the Hollywood Reporter. In June, a majority of 87 million shareholders voted against the payment packages given to executives.
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