It was the worst of times (for the world). It was still a pretty good time (for CEO pay).
Ten top media and entertainment CEOs earned a combined $350 million last year, buoyed by hefty stock and option grants during the worst economic disruption since the Great Depression.
Members of compensation committees on boards, who set pay, explicitly altered traditional performance benchmarks at some companies in a year when theme parks, advertising and theatrical revenue tanked and production stalled.
The numbers they looked at were not profit and loss columns but rather leaned heavily on metrics committees called more “qualitative” than “quantitative,” including a pivot to streaming. Everyone got an “A” for effort.
Case in point: Adam Aron, CEO of struggling theater chain AMC Entertainment, saw his package more than double to $20.9 million last year on a $5 million “special incentive bonus.” The stock fell 70%, the company bled cash and furloughed all theater staff.
Ten top media and entertainment CEOs earned a combined $350 million last year, buoyed by hefty stock and option grants during the worst economic disruption since the Great Depression.
Members of compensation committees on boards, who set pay, explicitly altered traditional performance benchmarks at some companies in a year when theme parks, advertising and theatrical revenue tanked and production stalled.
The numbers they looked at were not profit and loss columns but rather leaned heavily on metrics committees called more “qualitative” than “quantitative,” including a pivot to streaming. Everyone got an “A” for effort.
Case in point: Adam Aron, CEO of struggling theater chain AMC Entertainment, saw his package more than double to $20.9 million last year on a $5 million “special incentive bonus.” The stock fell 70%, the company bled cash and furloughed all theater staff.
- 5/12/2021
- by Jill Goldsmith
- Deadline Film + TV
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