AMC Entertainment Awards CEO Adam Aron $3.75M Bonus

AMC Theatres CEO Adam Aron
Amy Sussman/FilmMagic

AMC Theatres CEO Adam Aron

The struggling exhibition giant is to give $8.3 million to top execs for "extraordinary efforts" to keep AMC in business amid the COVID-19 crisis.

AMC Entertainment Holdings has awarded top execs $8.3 million in bonuses, including $3.75 million for CEO Adam Aron.

"The bonuses were approved in order 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," the parent of AMC Theatres said in an SEC filing on Friday.

Pre-pandemic, Aron received compensation of $9.67 million in 2019, up from $9.5 million in 2018.

Other execs awarded bonuses include CFO Sean Goodman receiving $507,500, another $194,550 for John McDonald, executive vp for US/Canada operations, and Elizabeth Frank, vp of worldwide programming and chief content officer receiving $180,650.

And Stephen Colanero, executive vp and chief marketing officer is receive a bonus of $173,875. The pandemic-era bonuses are on top of initial special incentive bonuses awarded in October 2020, the company said.

AMC Theatres imposed pay cuts and furloughs for top management early on during the pandemic to reduce a cash burn. And parent AMC Entertainment has  raised new debt, restructured its borrowings and sold off assets to bolster its balance sheet liquidity.