AMC Gives It’s CEO $3.75 Million For COVID-19 Response

The nation’s largest theater chain, AMC Entertainment, awarded its CEO with a $3.75 million bonus for handling the COVID-19 outbreak.

In addition to CEO Adam Aron receiving $3.75 million, several other execs will also be financially rewarded. Chief financial officer Sean Goodman will receive $507,500, EVP US/Canada operations; John McDonald will receive $194,550; VP Worldwide Programming and Chief Content Officer Elizabeth Frank will walk away with $180,650 and EVP, CMO Stephen Colanero will get a $173,875 bonus.

These “supplemental special incentive cash bonuses” are granted to recognize those within the organization that kept the company from going under during the pandemic. Corporate employees and theatre management will also receive bonuses that will come from the same $8.3 million designated fund for the bonuses.

AMC says that the bonuses are “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.”

During the early days of the pandemic, movie theaters were forced to close their doors. AMC leaders took it upon themselves to have their salary cut by 15% and decrease other compensation over a three-year period. Aron lost $1.6 million as a result of the pay cut. About 30,000 theater employees were furloughed during the lockdowns. However, they have slowly begun returning to work as theaters continue to open across the country.