© Reuters. FILE PHOTO: Adam Aron, Chairman of the Board and CEO, AMC Leisure, speaks on the 2021 Milken Institute World Convention in Beverly Hills, California, U.S., October 18, 2021. REUTERS/David Swanson
(Reuters) – AMC Leisure (NYSE:) Holdings Chief Government Officer Adam Aron on Tuesday requested the theater chain operator’s board to freeze his compensation subsequent 12 months due to a pointy drop within the firm’s shares.
“I don’t need ‘extra’ when our shareholders are hurting,” Aron, who earned $18.9 million in 2021, stated in a collection of tweets urging different high AMC executives to additionally forego their hikes.
Shares of the corporate have declined greater than 75% this 12 months because the rise of streaming and fewer blockbuster releases hit footfall at its greater than 900 theaters, driving up money burn and losses.
AMC has tried to trip out the stress by elevating money and making the most of the retail curiosity it obtained throughout final 12 months’s meme inventory rally. Earlier this month, the corporate stated it might elevate $110 million in new fairness capital via the sale of its most well-liked inventory and proposed a reverse inventory cut up.
The cinema chain additionally stated final week it was now not in talks to accumulate some theaters owned by now bankrupt Cineworld Group, following preliminary discussions with some lenders.
