Home lifestyle Cinemark's CEO will not receive a salary; employees will cut 50% in the USA

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Cinemark's CEO will not receive a salary; employees will cut 50% in the USA

by ace
Cinemark's CEO will not receive a salary; employees will cut 50% in the USA

Cinemark's CEO, Mark Zoradi, today announced the cut of 100% of his salary and of the company's advisers during the pandemic of the coronavirus.

In the United States, employees will work reduced hours and receive no more than 50% of salary. At the same time, they will retain all the benefits.

Cinemark is the third largest cinema circuit in the country, behind AMC and Regal. Virtually all units – almost 350 – are closed.

"We are not generating revenue while the cinemas are closed, but we still need to meet financial and contractual obligations," Zoradi wrote in a note to the team.

Cinemark's priority, while navigating this uncertainty, is to ensure that the company can reopen cinemas and employ members of our global team, "he continued.

"I look forward to the day in the future that the Cinemark team can once again welcome guests to enjoy the immersive cinema experience that we offer in our cinemas".

The pay cuts are an attempt to retain as many corporate employees as possible. Cinemark's balance sheet is more stable than its two debt rivals, providing some protection to the circuit, THR.

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