AMC CEO calls for salary freeze as stock price falls

AMC Chief Executive Adam Aron said Tuesday he is asking for a salary freeze through 2023 as the company faces a drop in its stock price amid a slow return of moviegoers to theaters.

Shares of AMC Entertainment Holdings (AMC.N) fell sharply on Wall Street as consumers continued to coping with rising Inflation and other impediments to slowing discretionary spending.

“I don’t want ‘more’ when our shareholders get hurt. Therefore, I recommend that the AMC board red circle and freeze my 2023 target cash & target stock compensation. No increase,” Aron tweeted.

Aron also said he asked 15 of 20 AMC executives ask Stop drawing your own salary in 2023.

“We only ask financial sacrifices from those at the top. It’s hard to get workers. We have to pay our people fairly. Indeed, the wages of our “camera crew” [hourly workers at U.S. theaters] has been growing at double-digit percentages,” he said, according to deadline.

AMC shares fell 8.3% this week from a 52-week high of $34 to just over $4.