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AMC Entertainment CEO Adam Aaron predicted his 2023 compensation package would be $25.4 million (up from $23.7 million a year earlier), in addition to stock bonuses worth $17.9 million. This was augmented by a cash bonus of $6 million in bonuses and a base salary of $1.5 million.
The compensation committee of the world's largest entertainment company said in a proxy statement filed with the SEC that the compensation committee for the world's largest entertainment company said in a proxy filing with the SEC that the compensation committee for the world's largest entertainment company said in a statement of intent that the company's remuneration plan had been in a difficult environment for theaters last year, as Hollywood strikes disrupted the early post-COVID-19 recovery. He said there had been progress in that respect.
But the stock price has fallen sharply from its meme stock highs, and there has been some backlash on CEO compensation at AMC (and other entertainment companies). Aaron immediately contacted X (formerly Twitter) and pointed out that the numbers were not what they seemed.
“Our draft proxy statement indicates that my AMC stock (which cannot be sold immediately) in 2023 was valued at $17.9 million using the methodology required by the SEC. Yesterday's stock price At the closing price, it's actually worth $1,345,000. Therefore, my compensation is $16.5 million less at the current valuation.'' The stock ended the week at about $3.
Aaron and the board announced in February that they had agreed to cut this year's compensation target by 25% in consideration of disgruntled individual shareholders. That means the target amount he would be eligible to receive would be lower.
The representative is helping the company manage its business through difficult times, including increased sales, positive adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), chipping away at AMC's significant debt, and raising cash through stock sales. achieved the above results.The company launched his AMC Theaters Distribution and secured rights to concert films Taylor Swift and the Elas Tour – This helped maintain box office revenue in the fourth quarter – and Renaissance: Beyoncé movies. We continued to upgrade our laser projectors and expanded retail sales of AMC branded popcorn.
Box office revenue in 2024 got off to a slow start due to a decline in wide shows, and box office revenue forecasts were lower than expected, but the situation is improving and is expected to recover in the second half of the year.
CFO Sean Goodman's next-largest package totaled $6.7 million, according to the proxy statement, which outlines the compensation of the company's five highest-paid executives.