AMC CEO Adam Aron’s Pay Rose to $23.7 Million in 2022
AMC Entertainment CEO Adam Aron saw his pay increase to $23.7 million in 2022, according to an amended 10-K report filed Monday. That was a 25% jump from 2021’s total of $18.9 million.
The majority of the executive’s pay came from $16.2 million in stock awards, with Aron also receiving $1.5 million in base pay and and $6 million in non-equity incentive plan compensation. No bonuses have been awarded since the pandemic began.
The AMC theater chain is continuing its fight to recover from the financial impacts of the pandemic, with it yet to report quarterly profits since its theaters were shut down worldwide in 2020. The company got a boost from a meme-stock surge in 2021, raising more than $2 billion through issuing shares. That financing allowed it to pay off some of its debt and diversify its revenue streams, including a minority stake purchase of gold mining company Hycroft and the launch of an at-home line of microwavable and ready-to-eat popcorn.
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AMC has enough cash flow to remain operating through 2023, though financial analysts don’t expect the chain to turn a profit barring a massive overperformance at the box office, which just came out of an April where monthly domestic grosses reached nearly $900 million, the third highest ever for the month.
In an interview with TheWrap at CinemaCon last week, Aron said he expected AMC to see a “significant recovery” if domestic box office totals for the year exceed $8.5 billion, which it is on pace to do.
“The box office is on a positive ramp,” he said. “And if we have the ability to raise cash if we need to, I have no real fear.”
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