AMC Entertainment CEO Adam Aron Gets $3.75 Million Bonus for ‘Extraordinary Efforts’ During Pandemic
AMC Entertainment is awarding CEO Adam Aron, among other executives, a special cash bonus to recognize their “extraordinary efforts” during the COVID-19 pandemic.
The total authorized amount of bonuses being paid to employees including its “NEOs, corporate associates and theatre management” is approximately $8.3 million, according to AMC. Aron received a bonus of $3.75 million, while chief financial officer Sean Goodman received $507,500. John McDonald, EVP of US/Canada operations, received $194,550. Elizabeth Frank, VP of worldwide programming and chief content officer, received $180,650. And Stephen Colanero, EVP and CMO, received $173,875.
The bonuses are “to recognize the extraordinary efforts of employees to maintain the company’s business and preserve stockholder value during the COVID-19 pandemic, encourage continued engagement and retention, and incentivize our management and employees during the continuing and unprecedented difficult business conditions,” the company said.
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Just like other theater chains, the pandemic hit AMC hard. In March of last year, more than 26,000 theater employees were furloughed, including Aron, who worked without pay. He received a $1.25 million bonus in November, and in 2017, he received a compensation package of $9.67 million, including his base salary of $1.25 million and $6.48 million in stock awards, as well as $1.92 million in non-equity incentive plan compensation.
In its Q3 earnings report, AMC said its revenue for the quarter ending in September declined by 91% to $119 million due to the coronavirus pandemic. The company, owned by Chinese conglomerate Dalian Wanda Group, reported a loss of $905.8 million, compared with the company’s $54.8 million loss during the same period of time the year prior.
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AMC even found itself in debt — the company had previously warned it will be out of cash by early 2021 — but has since said it raised enough capital to remain operational “through this dark coronavirus-impacted winter.” Recently, Aron negotiated a deal with Universal to allow the studio to release its films earlier than ever for premium on-demand.
Read original story AMC Entertainment CEO Adam Aron Gets $3.75 Million Bonus for ‘Extraordinary Efforts’ During Pandemic At TheWrap