Adam Aron, CEO of AMC Entertainment, receives $ 3.75 million bonus for ‘extraordinary efforts’ during pandemic

AMC Entertainment is awarding CEO Adam Aron, among other executives, a special cash bonus to recognize their “extraordinary efforts” during the COVID-19 pandemic.

The total authorized amount of bonuses paid to employees, including its “named executives, associates and theater management,” is approximately $ 8.3 million, according to AMC. Aron received a bonus of $ 3.75 million, while CFO Sean Goodman received $ 507,500. John McDonald, executive vice president of operations in the United States and Canada, received $ 194,550. Elizabeth Frank, vice president of global programming and director of content, received $ 180,650. And Stephen Colanero, EVP and CMO, received $ 173,875.

The bonuses are “to recognize the extraordinary efforts of employees to keep the company running and preserve shareholder value during the COVID-19 pandemic, to encourage continued engagement and retention, and to engage our management and employees in difficult and unprecedented business conditions, ”the company says.

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Like other theater chains, the pandemic has hit AMC hard. In March last year, more than 26,000 theater workers were laid off, including Aron, who was working without pay. He received a bonus of $ 1.25 million in November and, in 2017, total compensation of $ 9.67 million, including his base salary of $ 1.25 million and $ 6.48 million. in stock awards, as well as $ 1.92 million in non-stock incentive compensation.

In its third quarter earnings report, AMC said its revenue for the quarter ending in September fell 91% to $ 119 million due to the coronavirus pandemic. The company, owned by Chinese conglomerate Dalian Wanda Group, reported a loss of $ 905.8 million, compared with the company’s $ 54.8 million in the same period the previous year.

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AMC even found itself in debt – the company previously warned it would be cash-strapped in early 2021 – but has since said it has raised enough capital to stay operational “during this dark winter hit by the coronavirus “. Recently, Aron brokered a deal with Universal to allow the studio to release its films earlier than ever for a premium on demand.

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