In the midst of the COVID-19 crisis, AMC is struggling to give $ 8.3 million to top exhibitions for “executive efforts” to keep AMC exceptionally in business.
AMC Entertainment Holdings has awarded $ 8.3
million in bonuses, including $ 3.75 million for CEO Adam Aron.
“Recognizing the extraordinary efforts of employees to sustain the company’s business and maintain stockholder value during the COVID-19 epidemic, encourage continued engagement and retention, and encourage our management and employees during persistent and unprecedented difficult business situations The bonus was approved to do. “, “AMC Theaters’ parents said in an SEC filing on Friday.
In 2019, the pre-pandemic, Aron, received compensation of $ 9.67 million, compared to $ 9.5 million in 2018. Other performing awards include $ 507,500 to CFO Sean Goodman, another $ 194,550 to John McDonald, executive VP for US / Canada operations, and Elizabeth Frank, head VP of worldwide programming and chief content officer receiving 1808050.
And Stephen Colanero, Executive VP and Chief Marketing Officer receive a bonus of $ 173,875. The company said the epidemic-era bonus in October 2020 is on top of the initial special incentive bonus.
AMC theaters soon imposed pay cuts and fines for top management during the epidemic to reduce cash burn. And parent AMC Entertainment has raised new debt, restructured its borrowings, and sold assets to increase its balance sheet liquidity.