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Cinemark Holdings Inc. CEO Mark Zoradi saw his total compensation for 2019 rise to $6.3 million, compared to $5.24 million in 2018, per the company’s proxy statement filed with the Securities and Exchange Commission on Friday.
That was before Cinemark, the third-largest theater circuit in the U.S. behind AMC Theatres and Regal, on March 20 shut down virtually all of its roughly 350 locations nationwide amid the novel coronavirus outbreak, alongside other rival venues. The chain also said Zoradi and his board of directors were forgoing their entire salaries for the time being, while mandating deep pay reductions for all U.S. corporate employees.
Zoradi, who became CEO of the cinema chain in 2015, last year received a base salary of $1.1 million, against a base salary of $1 million in 2018. The big movers of his total pay continue to be stock awards and a non-equity incentive plan.
Zoradi last year received $3.1 million in stock awards, compared to $3.05 million in 2018, and he earned $1.94 million in a non-equity incentive plan, against $1.06 million in 2018. Cinemark, in a bid to woo viewers away from alternatives such as Netflix and other digital platforms, has been installing luxury recliner seating and new dining options in its theaters.
Cinemark’s proxy statement also indicates chairman Lee Roy Mitchell earned $2.43 million in overall pay in 2018, against $2 million in 2018 compensation.
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