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Adam Aaron said today he asked the theater chain’s board of directors to freeze his compensation through 2023 in light of the decline in AMC stock.
“The biggest inflation in 40 years, so in 2023 companies will get big pay hikes. But I don’t want “more” when our shareholders are suffering. So, I have asked the AMC board to red circle and Recommended to freeze both our target cash and target stock pay for 2023. No raise,” he tweeted.
He said he also asked 15 to 20 senior AMC executives to forego their cash pay increases for 2023. For this I thank him from the bottom of my heart. AMC has a very dedicated management team.
Asked if employees would get raises, he said “absolutely yes.”
“We are only asking for financial sacrifice from those at the top. Recruiting workers is difficult. We must pay our people fairly. In fact, our “film crews” (working every hour in our American theaters (Wale) wages are growing by double-digit percentages.
“It’s the right thing to do for those at the top. I have fans and bashers on Twitter, who may or may not agree with my decisions. But know this: My motives are pure. I do my best as That I know how to guide AMC through the painful consequences of this terrible pandemic,” Aaron wrote.
CEO compensation is disclosed in SEC proxy statements each spring prior to the previous year, so the details of his 2022 package are unknown. Inflation rose in 2022, reaching a 40-year high. According to the latest data, there has been a slight decline from October to November.
Aaron’s compensation totaled $18.9 million in 2021, including a base salary of $1.45 million. cash (non-equity incentive plan) compensation of $6 million; and $11.4 million of stock awards upon vesting. He earned $20.9 million in 2020 with a salary of $1.1 million, a $5 million cash bonus and nearly $14.8 million in stock awards.
AMC shares fell another 8.3% today to just over $4 after a brutal run – down from a 52-week high of $34. AMC preferred equity units (APEs) are trading at $1.86 after a 7.5% rise since they were first introduced in August as a new currency for debt repayment or acquisitions.
Aron last week announced an agreement with Antara Capital to reduce outstanding debt and a special shareholder approval to convert APE units into AMC common shares, en route to raising equity using AMC stock. Planned for a vote. It needs shareholders to vote yes on it, which is still a question mark.
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