The financial consequences of the US-based series were greatly affected by the COVID-19 epidemic, as the company’s theaters closed and reopened with stringent health and safety protocols. According to the company’s proxy statement filed by the Securities and Exchange Commission on Friday, Cinemark Holdings Inc. CEO Mark Zoradi saw his total compensation for 2020 at $ 6.9 million, compared to $ 6.3 million in 2019.
Before theaters, AMC was the third-largest theater circuit in the US behind Theaters and Regal, swinging to great disadvantage until 2020 as it faced a nationwide theater and reopening amidst the novel coronavirus outbreak. During the COVID-19 crisis, the chain observed that senior management gave up some of its salaries at a time when there were deep pay cuts for all US corporate employees to preserve the company’s balance sheet.
Mark Zoradi, who became CEO of the cinema chain in 2015, received a base salary of $ 740,632 as against a base salary of $ 1.1 million in 2019 last year. Large movers of their total salaries continue in the form of stock awards and non-equity incentive schemes. Mark Zoradi received $ 5.76 million at the Stock Awards last year, compared to $ 3.1 million in 2019.
Cinemark is installing new options for luxury recliner seating and dining in its theaters to entice viewers with options like Netflix and other digital platforms. Cinemark’s proxy statement also shows that chairman Lee Roy Mitchell earned $ 1.38 million in total salary in 2020, $ 2.43 million in 2019 compensation. His salary also increased to $ 589,394 in 2020 from $ 1 million a year earlier.
It was offset by Roy Mitchell receiving $ 769,998 in stock awards in 2020 when he had not received any in the past two years. Elsewhere, Cinemark CFO Sean Gamble saw his total pay package in 2020 was $ 2.48 million, down from $ 2.68 million a year earlier. Gamble’s salary was $ 521,435 the same as last year, compared to $ 625,000 in 2019 and $ 600,000 in 2018.