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‘NO INCREASE.’ AMC Entertainment boss says hold back my pay raise — and a dozen deputies — with stock down more than 70%.

Adam Aron, the chief executive, said Chirping He asked the board on Tuesday to keep his cash and stock pay steady for 2023. He earned $18.9 million in salary and other compensation last year, according to the filings.

1 of 3/ Biggest inflation in 40 years, so in 2023 companies will grant high % pay rises. But I don’t want “more” when our shareholders are hurting. So, I have recommended to the AMC board to circle in red and freeze both my target cash and target stock compensation for 2023. NO INCREASE.

— Adam Aron (@CEOAdam) December 27, 2022

Shares of the chain, the largest in the United States, are down more than 70% this year. The company became a popular meme stock among retail investors in 2021, climbing to over $45 from under $2. But it has since retreated and is down 6.9% to $4.10 as of 11:56am in New York.

“I don’t want ‘more’ when our shareholders are hurting,” Aron tweeted.

The executive said it had also asked its most senior officials, 15 to 20 officials, to waive pay hikes in 2023.

North American box office sales this year are up 68% to $7.23 billion, according to Comscore Inc., recovering from lows during the Covid-19 pandemic. But revenue remains below 2019 levels, and AMC lost $685.9 million in nine months of 2022.

The stock fell last week after management announced plans to convert the preferred stock to common stock and execute a 1-for-10 stock split. AMC also raised $110 million through the sale of preferred stock to debt holder Antara Capital LP at a weighted average price of 66 cents each, lower than the market value.

1 of 3/ Biggest inflation in 40 years, so in 2023 companies will grant high % pay rises. But I don’t want “more” when our shareholders are hurting. So, I have recommended to the AMC board to circle in red and freeze both my target cash and target stock compensation for 2023. NO INCREASE.

— Adam Aron (@CEOAdam) December 27, 2022