Cinemark CEO Sean Gamble’s Pay Package Leaps 87% as Theater Chain Trims Losses
06.04.2023 - 16:27
/ thewrap.com
regulatory filing submitted Thursday. His take-home pay rose 20%, to $825,000 from the $687,857 he earned in 2021 when he was chief financial officer.He was also granted a $1.4 million cash bonus, up from $963,000 in 2021.The largest increase in his compensation package, however, came from stock awards.Gamble received more than $3.6 million in restricted stock awards, including a special grant when he took the company’s helm.
Like many publicly traded firms, the company uses stock awards to align executive’s goals with those of shareholders. It stated in the filing, called a proxy statement, that a “substantial majority” of its executive officers’ compensation is “variable” and “tied to our financial performance.” The formula for doling out the awards based on revenue and other metrics is set by the company’s board early in the year and voted on by shareholders.
The plans for 2023 compensation will be subject to a shareholder vote on May 18. Cinemark’s 2022 was a bit of a roller coaster ride.
The Plano, Texas-based chain started the year by narrowing its losses, despite a COVID-19 surge that kept audiences away from theaters. A summer box office surge helped lift the company’s second quarter results, driving revenue higher and again showing a smaller loss as Cinemark trimmed its costs.
The third quarter also showed improvement over the prior year, even as the box office slowed at the end of the summer.The box office success of “Avatar 2” couldn’t help the company overcome a sluggish holiday season marred by early winter storms.For the year, Cinemark reported a loss of $271.2 million, or $2.26 per share, cutting by a third the loss of $422.2 million reported for 2021. Revenue spiked 63% to $2.45 billion.The company also
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