AMC Entertainment approves premiums in the millions for top managers
© Reuters. Closed signs are seen on an AMC theater during the coronavirus disease (COVID-19) outbreak in New York
(Reuters) – AMC Entertainment (NYSE 🙂 Holdings has granted its top managers and eligible employees millions in rewards to preserve shareholder value during the COVID-19 pandemic, the theater operator said.
In a filing for approval on Friday, the company said that Chief Executive Officer Adam Aron would receive $ 3.75 million as a bonus, while other top executives would be eligible for bonuses ranging from $ 173,000 to $ 507,000.
The move comes at a time when cinema chains like AMC have taken a hit due to coronavirus-induced restrictions that have resulted in delays in movie releases. The company fended off bankruptcy last year with a rescheduling agreement.
The Leawood, Kansas-based company was also one of the “stonks” whose wild ride attracted investors a few weeks ago, and which saw the stock price rise more than 860% from the start of the year.
AMC stock closed 3.4% on Friday at $ 8.01.
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