AMC CEO Adam Aron to donate $1M in stock to charity

In January, Aron said that he owned more than 2.3 million AMC shares

AMC Entertainment CEO Adam Aron has announced plans to donate $1 million worth of his currently owned shares in the movie theater chain to charity.  

AMC CEO TOUTS PROGRESS AS TURNAROUND CONTINUES

"I benefited greatly as retail investors have embraced AMC. That makes it time for me to step up and personally give back," Aron tweeted Friday. "Therefore, over the coming weeks, I will give away $1 million of my currently owned AMC shares, to be spread over a number of well respected charities."

In a follow-up tweet, Aron asked AMC investors which charities they think he should support.  

"We all know Twitter can be a funny and sarcastic public square. But $1 million is a lot of money, and there are real charities in real need," he said. "Serious replies to a serious question please."

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The announcement comes after Aron sold more than $40 million worth of AMC stock for estate planning purposes under a previously disclosed 10b51 plan. After officially completing the sale in January, Aron tweeted that he still owned or planned to vest in more than 2.3 million AMC shares. 

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 12.57 -0.21 -1.64%

As of the time of publication, AMC shares are down about 29% year-to-date.