Struggling movie theater chain AMC Entertainment said CEO Adam Aron earned $9.67 million in 2019, up slightly from $9.47 million the year before. His package included a $1.25 million base salary, stock awards for $6.48 million and non-equity incentive plan compensation of $1.92 million.
The nation’s largest chain reported the pay in a proxy statement filed with the SEC Wednesday. It was delayed due to the COVID-19 pandemic, which had forced the company to ask for an extension in the proxy and in reporting its first quarter financial results that are still forthcoming. With the chain shuttered since March and employees furloughed, Aron and other executives have agreed to forgo or cut their pay this year.
CFO Craig Ramsey earned $2.6 million in 2018, from $$2.5 million the year before.
AMC said it plans to hold its annual shareholders meeting July 29 in person in Leawood, Kansas if possible, if not, virtually as many companies have been doing.
Proposals it’s tabling at the meeting include synching the terms of directors so the entire board stands for reelection each year instead of holding staggered votes. AMC said that “allows a majority of the board to remain in place from year to year, which promotes continuity and stability and encourages the board to plan for long-term goals.”
The company also recapped what feels like a very far away 2019 when it said it saw a 2.2% decline in box office and 2.1% decline in attendance domestically and a 3.2% decrease in box office and 2.8% increase in attendance in our much smaller international markets. Total revenues of $5.47 billion were slightly from the prior year, including a 2.9% increase in food and beverage revenue. More than 356 million guests attended movies at AMC theatres, averaging 33,400 per screen.
Theaters in some pockets of the country, but not AMC, have been reopening cautiously as states begin to lift stay-at-home orders. The circuit has said it won’t open its doors until there are new films to show. The first wide releases planned are Tenet and Mulan, skedded, respectively, for July 17 and 24.