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AMC Entertainment CEO Adam Aron announced on Tuesday that he had requested a freeze on his personal salary as a consequence of significant losses in his company’s stock.
1 of three/ The very best inflation in 40 years, i.e. in 2023, corporations grant large percentage wage increases. But I don’t desire “more” when our shareholders suffer. So I even have advisable to the AMC Board of Directors to tick the red circle and freeze each my money goal and my 2023 goal for stock compensation. NO INCREASE.
— Adam Aron (@CEOAdam) December 27, 2022
In a tweet, Aron said: “Highest inflation in 40 years, so in 2023 corporations are granting big percentage increases. But I don’t desire ‘more’ when our shareholders suffer. That is why I directed AMC’s board of directors to red circle and freeze each my money goal and stock compensation goal for 2023 with NO INCREASE.”
In a later tweet, Aron – who it reportedly grossed $18.9 million last 12 months — indicated that he had also asked a dozen of his company’s “senior officers” to do the identical, calling them a “very dedicated management team.”
AMC shares skyrocketed in 2021 because of its popularity as “meme shares”. Prices have gone from lower than $2 to over $45. Nonetheless, stocks are reeling from the double-hit of COVID-19 and the rise of streaming services, falling greater than 80% in 2022, in accordance with Fox Business.
AMC fell 8% on Tuesday. Despite major challenges, the corporate stays a major player within the film industry with 940 theaters worldwide.