AMC Stock Dives, CEO Asks For Pay Freeze Adam Aron says "shareholders are hurting."

By Steve Huff

entrepreneur daily

AMC Entertainment CEO Adam Aron announced on Tuesday that he had requested a freeze of his personal pay due to his company's significant stock losses.

In a tweet, Aron said, "Biggest inflation in 40 years, so in 2023 companies will grant large % salary raises. But I do not want "more" when our shareholders are hurting. So, I recommended to the AMC Board to red circle and freeze both my target cash and target stock pay for 2023. NO INCREASE."

In a later tweet, Aron — who reportedly made $18.9 million last year — indicated he'd also asked more than a dozen of his company's "senior officers" to do the same, calling them a "very dedicated management team."

AMC stocks rose sharply in 2021, thanks to its popularity as a "meme stock." Prices rocketed from less than $2 to more than $45. However, the stock has been reeling from the one-two punch of COVID-19 and the rise of streaming services, dropping by more 80% in 2022, according to Fox Business.

AMC dropped by 8% Tuesday. Despite facing major challenges, the company remains a significant player in the film industry with 940 theaters worldwide.

Steve Huff

Entrepreneur Staff

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