Cinemark CEO Mark Zoradi's Pay Rose/Fell to $... Million in 2020 Amid

Cinemark Holdings Inc. CEO Mark Zoradi saw his total compensation for 2020 rise to $6.9 million, compared to $6.3 million in 2019, according to the company’s proxy statement filed with the Securities and Exchange Commission on Friday.

That was before Cinemark, the third-largest theater circuit in the U.S. behind AMC Theatres and Regal, swung to a loss for much of 2020 as it faced theater closures and reopenings nationwide amid the novel coronavirus outbreak.

During the COVID-19 crisis, the chain saw senior management give up part of their salaries at the same time there were deep pay reductions for all U.S. corporate employees to preserve the company’s balance sheet.

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Zoradi, who became CEO of the cinema chain in 2015, last year received a base salary of $740,632, against a base salary of $1.1 million in 2019.

The big movers of his total pay continue to be stock awards and a non-equity incentive plan.

Zoradi last year received $5.76 million in stock awards, compared to $3.1 million in 2019.

Cinemark, in a bid to woo viewers away from alternatives such as Netflix and other digital platforms, has been installing luxury recliner seating and new dining options in its theaters.

Cinemark’s proxy statement also indicates chairman Lee Roy Mitchell earned $1.38 million in overall pay in 2020, against $2.43 million in 2019 compensation. His salary also fell to $589,394 in 2020, against a year-earlier $1 million.

That was offset by Roy Mitchell receiving $769,998 in stock awards in 2020, when he didn’t receive any in the previous two years.

Elsewhere, Sean Gamble, Cinemark’s CFO, saw his overall pay package come to $2.48 million in 2020, just down from a year-earlier $2.68 million. Gamble’s salary similarly fell to $521,435 last year, compared to $625,000 in 2019 and $600,000 in 2018.

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