Why Did Movie Theater CEOs Make Such a Killing During the Pandemic?

·1-min read

While some Hollywood companies like Disney lowered the pay of their top executives as stock prices and revenue collapsed due to COVID-19, compensation for CEOs of the world’s two biggest cinema chains saw the biggest surges of any entertainment company — how does that work? Earlier this year, AMC Theatres reported that compensation for CEO Adam Aron rose from $9.6 million in 2019 to $20.9 million in 2020, even as the company lost $4.6 billion in 2020 and was forced to close hundreds of locations worldwide and furlough 26,000 employees. (Almost all of its U.S. jobs have been recovered as AMC has reopened its 593 domestic locations in recent months.)At Regal Cinema’s U.K.-based parent company Cineworld, meanwhile, CEO Mooky Greidinger and deputy CEO Israel Greidinger saw their compensation get cut in half from just over a combined £3 million to £1.44 million (roughly $2 million). But in January, despite staunch opposition from some shareholders as the company lost £3 billion ($4.3 billion) in 2020, the brothers were approved for a long-term incentive program that could see them receive up to £65 million ($92 million) in stock awards if Cineworld’s stock price rebounds to pre-pandemic levels. Neither company responded to requests...

Read original story Why Did Movie Theater CEOs Make Such a Killing During the Pandemic? At TheWrap