AMC Entertainment CEO Adam Aron’s 2023 compensation package soared to $25.4 million, up from $23.7 million the previous year. This increase was driven by stock awards worth $17.9 million, a $6 million cash bonus, and a $1.5 million base salary. Despite facing challenges in the theatrical industry, the company made significant progress, as highlighted in a proxy statement filed with the SEC.
While there has been some criticism of CEO pay at AMC and other entertainment companies, Aron defended his compensation, pointing out that the numbers may not be as they seem. The company’s stock value has fluctuated, but Aron emphasized that his compensation was actually lower when considering the current stock price.
In response to shareholder concerns, Aron and the board agreed to reduce his target compensation by 25% this year. The proxy also outlined the achievements of AMC’s management team, including increased revenue, positive earnings, debt reduction, and successful equity sales.
Looking ahead, the company is optimistic about a rebound in the second half of 2024, despite a slow start at the box office. The proxy also disclosed the compensation packages of other top executives, with CFO Sean Goodman’s totaling $6.7 million.
