Despite taking a pay cut to help weather the COVID-19 storm, Cinemark CEO Mark Zoradi saw his total compensation increase in 2020, according to an SEC filing.
Zoradi earned $6.9 million in 2020, up from the $6.3 million he pulled in for 2019.
While his salary decreased from $1 million to $740,000 and his Non-Equity Incentive Plan Compensation went to zero, he more than made up for it elsewhere. Zoradi’s stock awards from $3.1 million in 2019 to $5.8 million in 2020, while under the catch-all “All Other Compensation,” his earnings went from $165,000 to $413,000.
Cinemark, which like all U.S theater chains has been rocked by the pandemic over the last 12 months, lost $239.3 million in the final quarter of 2020. As of December 31, 2020, Cinemark had 217 domestic and 129 international movie theaters open — all operating at limited hours and showing mostly library titles. More recent weeks have been brighter for Cinemark, as the pandemic has receded down from the astronomically high levels in December and January (especially in Los Angeles), though case counts have begun to trickle back up over the last week or so.
Zoradi was the lone top executive for Cinemark to see his compensation increase. Chairman Lee Roy Mitchell’s compensation was nearly cut in half to $1.4 million, while COO Sean Gamble earned $2.5 million, slightly less than the year before.