Adam Aron, AMC Entertainment CEO, Asks Board For Pay Freeze

Adam Aron, the CEO of AMC Theaters, took to Twitter to explain that he is asking the board of directors to freeze his compensation for 2023. This news comes after a decline in AMC stock.

In a thread of tweets, Aron wrote, “Biggest inflation in 40 years, so in 2023 companies will grant large % salary raises. But I do not want “more” when our shareholders are hurting. So, I recommended to the AMC Board to red circle and freeze both my target cash and target stock pay for 2023. NO INCREASE.”

He went on to write, “Despite high inflation, I also “asked” our most senior officers (15 – 20 executives) to forego an increase to their cash salaries for 2023. When CEOs “ask,” execs to their credit usually agree. I sincerely thank them for that. AMC has a very dedicated management team.” He continued, “No increase for those at the top is the right thing to do. I have fans and bashers on Twitter, those who agree or disagree with my decisions. But know this: my motives are pure. I try as best as I know how to lead AMC through the painful aftermath of this horrid pandemic.”

He also answered a tweet with the question if employees can get a raise via a quote tweet. He wrote, “Yes, absolutely yes. We are asking for financial sacrifice only from those at the very top. It is hard to recruit workers. We must pay our people fairly. Indeed, wages for our “film crew” (hourly workers at our U.S. theatres) have been rising by double digit percentages.”

Aron previously announced an agreement with Antara Capital to reduce outstanding debt. While his 2022 package is unknown, Aron’s compensation totaled $18.9 million in 2021. His compensation included a base salary of $1.45 million, cash compensation, and stock. In 2020, he earned $20.9 million.