AMC Entertainment Chief Executive Officer Adam Aron on Tuesday asked the theater chain operator’s board to freeze his compensation next yr due to a pointy drop in the corporate’s shares.
“I don’t want ‘more’ when our shareholders are hurting,” Aron, who earned $18.9 million in 2021, said in a series of tweets urging other top AMC executives to also forgo their hikes.
Shares of the corporate have declined greater than 75% this yr because the rise of streaming and fewer blockbuster releases hit footfall at its greater than 900 theaters, driving up money burn and losses. AMC shares declined greater than 8% in trading on Tuesday, closing at $4.03.
AMC has tried to ride out the pressure by raising money and making the most of the retail interest it got during last yr’s meme stock rally.
AMC shares declined greater than 8% in trading on Tuesday, closing at $4.03.Getty Images
Earlier this month, the corporate said it could raise $110 million in recent equity capital through the sale of its preferred stock and proposed a reverse stock split.
The cinema chain also said last week it was not in talks to amass some theaters owned by now bankrupt Cineworld Group, following initial discussions with some lenders.
