Details of AMC Entertainment chief Peter Brown’s most recent pay package show circuit topper got a 23% pay raise and a 50% bonus boost on top of his controversial loan-forgiveness award in fiscal 2002.
Kansas City-based company’s proxy statement, filed Friday and circulated Monday, shows Brown drew a $625,000 salary and $683,550 bonus in the 52-week period ended March 28.
AMC shares were battered July 22 after the company revealed that it “forgave” big loans to Brown and chief operating officer Phil Singleton. The stock rose 83¢, or 9%, to $9.80 Monday amid a broad market rally.
Singleton received a 13% salary raise to $425,000 in ’02, according to the proxy statement. He also received a 51% bonus increase to $403,000.
Brown was forgiven a $5.6 million loan, Singleton a $3 million loan. The AMC board also wiped out any interest charges since the 1998 loans and covered execs’ tax exposure on the loan forgiveness.
AMC disclosed the board moves in posting a $19.25 million charge for the actions in its fiscal first quarter (Daily Variety, July 23). At the time, a spokesman said the loans were forgiven as additional compensation for superior job performance during the period.
Also in the company’s proxy statement, AMC set its annual shareholders meeting for Sept. 19 in Leawood, Kansas.