AMC CEO Adam Aron said Tuesday he asked to have his salary frozen in 2023 as the company faced stock declines amid a slow return to theaters by movie lovers.
AMC Entertainment Holdings (AMC.N) saw its stock price drop sharply on Wall Street as consumers continue to deal with risinginflation along with other barriers that have slowed discretionary spending.
"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,” Aron tweeted.
1 of 3/ 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.
— Adam Aron (@CEOAdam) December 27, 2022
Aron also said he asked 15 out of 20 of AMC's senior executivesto request halts on their own salaries in 2023.
“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 U.S. theaters] have been rising by double digit percentages,” he said, according to Deadline.
AMC shares were down another 8.3% at just over $4 this week from a 52-week high of $34.