The struggling exhibition big is to offer $8.3 million to prime execs for “extraordinary efforts” to maintain AMC in enterprise amid the COVID-19 disaster.
AMC Entertainment Holdings has awarded prime execs $8.3 million in bonuses, together with $3.75 million for CEO Adam Aron.
“The bonuses were approved in order to recognize the extraordinary efforts of employees to maintain the company’s business and preserve stockholder value during the COVID-19 pandemic, encourage continued engagement and retention, and incentivize our management and employees during the continuing and unprecedented difficult business conditions,” the father or mother of AMC Theatres mentioned in an SEC submitting on Friday.
Pre-pandemic, Aron obtained compensation of $9.67 million in 2019, up from $9.5 million in 2018.
Other execs awarded bonuses embrace CFO Sean Goodman receiving $507,500, one other $194,550 for John McDonald, govt vp for US/Canada operations, and Elizabeth Frank, vp of worldwide programming and chief content material officer receiving $180,650.
And Stephen Colanero, govt vp and chief advertising and marketing officer is obtain a bonus of $173,875. The pandemic-era bonuses are on prime of preliminary particular incentive bonuses awarded in October 2020, the corporate mentioned.
AMC Theatres imposed pay cuts and furloughs for prime administration early on through the pandemic to cut back a money burn. And father or mother AMC Entertainment has raised new debt, restructured its borrowings and bought off property to bolster its stability sheet liquidity.