AMC Entertainment CEO Adam Aron asked not to raise his salary in 2023

AMC Entertainment Corporation The CEO of Inc. asked the theater chain’s board to cut his compensation next year, and he asked more than a dozen of his subordinates to make similar sacrifices at a time when shareholders are hurt.

Adam Aron, CEO, said on Twitter Third, he asked the board to keep the cash and stock paid to him for 2023. He earned $18.9 million in salary and other compensation last year, according to the report. file.

Shares of the chain, the largest in the US, are down more than 70% this year. The company became a popular meme stock among retail investors in 2021, skyrocketing to more than $45 from under $2. But since then, it has retreated and dropped 6.9% to $4.10 at 11:56 a.m. in New York.

“I don’t want ‘more’ when our shareholders are hurting,” Aron tweeted.

The CEO said he has also asked his most senior officials, between 15 and 20, to forgo a raise by 2023.

This year’s North American box office receipts rose 68 percent to $7.23 billion, according to Comscore Inc., recovering from pandemic lows. However, revenue is still below 2019 levels and AMC posted a loss of $685.9 million in the nine months of 2022.

The stocks fell last week after management announced plans to convert preferred equity units into common shares and implement a 1 in 10 reverse stock split. AMC also raised $110 million through the sale of equity units offer to creditors Antara Capital LP at a weighted average of 66 cents per unit, below market value.

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