Cinemark CEO Mark Zoradi Earned $6.3M In 2019, Says Priority Is To Ensure Theaters Will Open When Pandemic Subsides
Cinemark CEO Mark Zoradi, who exhibition chain like the remainder of the business is shut down because of the ongoing coronavirus pandemic, earned $6.Three million in complete compensation for 2019, up from $5.2 million the yr earlier than, the corporate mentioned Friday in its annual proxy assertion filed with the SEC.
The year-over-year achieve stemmed from a $100,000 increase in base wage to $1.1 million and a money bonus of $1.9 million – up by nearly a $1 million from 2018. Cinemark’s proxy famous that final yr the exhibitor had its fifth consecutive yr of file worldwide income, with its home field workplace outperforming the North American business field workplace for a similar stretch. World income rose 2% in 2019 to $3.Three billion.
COPYRIGHT_BP: Published on https://bingepost.com/cinemark-ceo-mark-zoradi-earned-6-3m-in-2019-says-priority-is-to-ensure-theaters-will-open-when-pandemic-subsides/93321/ by Hilda Workman on 2020-04-11T01:43:44.000Z
Chairman Lee Roy Mitchell earned $2.four million final yr, up from $2 million in 2018.
Cinemark – the nation’s third largest chain – on March 18 joined the opposite main U.S. exhibition circuits in shutting its doorways within the face of the pandemic. The chain has 345 theaters nationwide and operates 554 theaters with 6,132 screens in 42 states domestically and 15 international locations all through South and Central America.
On March 30, Zoradi introduced that he and the chain’s board of administrators won’t draw a wage for the foreseeable future, whereas different U.S. company workers will see deep cuts in compensation of at the least 50%. Some have voluntarily agreed to take even steeper cuts than have been mandated and a few have volunteered to proceed with a full workload. Staff will keep full advantages.
In a letter to shareholders within the proxy, Zoradi acknowledged “the social and financial results of COVID-19, that are widespread and hard-hitting. Everybody continues to battle by way of this uncertainty, together with Cinemark.” With theater shuttered, he mentioned, “We’re taking prudent steps to resist the financial affect of our momentary closures throughout this pandemic. Our precedence as we navigate this uncharted territory is to make sure that Cinemark will be capable to open its theatres and make use of our international crew members when this pandemic subsides.”