AMC CEO Pay Rose to $21 Million in 2020 as Covid Ravaged Cinemas
(Bloomberg) -- AMC Entertainment Holdings Inc. head Adam Aron saw his compensation more than double to $20.9 million in 2020, even as Covid-19 decimated the movie-theater business.
His pay mostly took the form of almost $15 million in stock awards, along with $5 million from two separate bonus payments and $1.11 million in base salary, the company said in a filing Friday. Aron received a total of $9.67 million for 2019.
The company made the compensation decisions to “recognize the extraordinary actions taken by the management team during the Covid-19 pandemic to secure the company’s survival.” AMC, the largest theater chain, warned several times throughout 2020 it was near the brink of insolvency, eventually securing a rescue package at the start of 2021 to help stave off bankruptcy for most of the year.
The Leawood, Kansas-based company also furloughed thousands of staff members, including its entire senior leadership team. The shares sank 71% in 2020.
AMC’s outlook has improved in 2021, with sliding coronavirus case numbers allowing New York City to reopen its movies theaters this weekend. Shares in the company also surged after Reddit-using traders targeted the company. The stock is up 280% so far this year, closing at $8.05 on Friday in New York.
©2021 Bloomberg L.P.