AMC Entertainment Holdings CEO Adam Aron received compensation of $7.4 million in 2017, down from $10.93 million in 2016, when he joined the cinema giant, according to the company’s proxy statement filed with the Securities and Exchange Commission on Friday.
The trimmed pay package follows the country’s largest theater circuit, owned by China’s Dalian Wanda Group since 2012, completing deals to acquire Carmike Cinemas, the U.K.-based Odeon & UCI Cinemas chain and the European theater giant Nordic Cinema Group.
Aron took home $5.6 million in stock awards last year, in addition to his $1.1 million base salary. That compares with 2016 when Aron received a $4.5 million bonus, in addition to a base salary of $991,000 and $4.3 million in stock awards.
“While the past year was a challenging one for the industry as a whole, we believe we are well positioned with our expansive theater brand presence for future profitability and growth,” the AMC board of directors said in their proxy filing.
The exhibition giant pointed to soft Hollywood box office, “negative perceptions regarding the quality and content of films being produced,” and competition from Netflix, Amazon Prime and other in-home streaming services, as headwinds for AMC.
“However, while the short-term performance of AMC and our industry as a whole may be disappointing, we remain very optimistic about our future, long-term prospects,” the company added, with an eye to investors.
The AMC board also reported Craig Ramsey, CFO of AMC Entertainment, made $2.34 million last year, just down from pay of $2.65 million in 2016. And John D. McDonald, executive vp U.S. operations, took home $2.03 million in 2017, compared to a year-earlier $2.23 million in overall pay.
The chain, which operates around 8,200 screens in about 660 AMC theaters across the U.S., is also the world’s largest exhibitor.