AMC Entertainment Shareholders Argue Against CEO Adam Aron, Who Symbolically Voted to Reject $18.9M Compensation Package

AMC Entertainment shareholders sent a message to the company’s CEO, Adam Aron, for a decisive vote rejecting the compensation package.

In a statement to the SEC, the company said the vote at the company’s shareholders meeting yesterday was “non-binding,” meaning it did not require any action from AMC.

Aron’s total salary will drop from $20.9 million in 2020 to $18.9 million in 2021. Opportunity to receive compensation from Aaron and his senior colleagues, but 86.9 million shareholders voted 52.1 million in favor. 5.9 million people abstained.

Executive salary in the media industry remains among the wealthiest in corporate America, but shareholders have not taken many significant steps to reduce it, at least through official channels. Warner Bros. The 2021 salary of Discovery CEO David Zaslav and Endeavor Group CEO Ari Emanuel caused a lot of controversy over the nine-figure space increase, but shareholders didn’t heed any official protests.

While Aaron’s payouts for others in the north are on display, he’s nowhere near the top of the broad media industry. Cinemark CEO Sean Gamble, for example, earned $3.1 million in 2021. Aaron, through the AMC-led Covid Hellfire, the apartment was already rated high with debt and even before stock prices fell. Pandemic.

The CEO has done many financial maneuvers along the way and has swept away from strong buys by retail investors like AMC, GameStop and others who were embroiled in the meme stocks spree. Private equity firm Silver Lake and other major investors in the company sold their shares last year after the company’s share prices soared with the release of Covid vaccines and movie theaters reopening. Individual shareholders became the largest part of the exhibition base.

Before joining AMC, Aaron managed the NBA Philadelphia 76ers, Vail Resorts and Norwegian Cruise Line.