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AMC Leisure Holdings Inc.’s chief government officer requested the theater chain’s board to freeze his compensation subsequent yr, and he’s requested greater than a dozen of his prime lieutenants to make an analogous sacrifice at a time when shareholders have been harm.
Adam Aron, the CEO, mentioned on Twitter Tuesday he requested the board to carry his money and inventory pay regular for 2023. He earned $18.9 million in wage and different compensation final yr, in line with filings.
Shares of the chain, the most important within the US, are down greater than 70% this yr. The corporate grew to become a well-liked meme inventory amongst retail buyers in 2021, hovering to greater than $45 from beneath $2. Nevertheless it has since retreated and was down 6.9% to $4.10 at 11:56 a.m. in New York.
“I don’t want ‘extra’ when our shareholders are hurting,” Aron tweeted.
The manager mentioned he additionally requested his most senior officers, 15 to twenty officers, to forgo pay will increase in 2023.
North American box-office gross sales this yr are up 68% to $7.23 billion, in line with Comscore Inc., bouncing again from lows throughout the Covid-19 pandemic. However income stays beneath 2019 ranges, and AMC misplaced $685.9 million via 9 months of 2022.
The inventory fell final week after administration introduced plans to transform most well-liked fairness items into frequent shares and execute a 1-for-10 reverse inventory break up. AMC additionally raised $110 million via the sale of preferred-equity items to debt holder Antara Capital LP at a weighted common worth of 66 cents every, beneath market worth.
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