AMC CEO asks not to raise his salary
2022.12.27 14:13
AMC CEO asks not to raise his salary
Budrigannews.com – (NYSE:) AMC Entertainment Adam Aron, the chief executive officer of Holdings, asked the board of directors of the theater chain operator to freeze his compensation for the upcoming year due to the significant decline in the shares of the business.
Aron, who earned $18.9 million in 2021, issued a series of tweets urging other high-ranking AMC executives to also forego their hikes. “I do not want’more’ when our shareholders are hurting,” Aron said.
Portions of the organization have declined over 75% this year as the ascent of streaming and less blockbuster discharges hit footfall at its in excess of 900 theaters, driving up cash copy and misfortunes.
AMC has attempted to withstand the pressure by raising cash and capitalizing on the retail interest it generated during the meme stock rally of the previous year. The business proposed a reverse stock split and stated earlier this month that it would sell its preferred stock to raise $110 million in new equity capital.
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Following initial discussions with some lenders, the movie theater chain also stated last week that it was no longer in negotiations to acquire some theaters owned by the now-bankrupt Cineworld Group.
