The exhibition company gave Tim Warner — who had overseen Cinemark‘s expansion in Latin America — a nice raise in February 2012, when he took the top job following the retirement of Alan Stock. The CEO’s new package included $700,000 salary, $2.1M in stock awards, $933,310 in non-equity compensation, and $207,655 in other compensation, according to the proxy filed at the SEC today. Stock ended up with $1.6M, mostly consisting of a $1.3M consulting fee. Warner’s compensation equals 1.7 times the median for Cinemark’s four other highest-paid current executives — well below the threshold that causes concern for corporate governance watchdogs. Company shares appreciated 36.7% last year.
PLANO, Texas, February 15, 2012 – Lee Roy Mitchell, Chairman of the Board of Cinemark Holdings Inc announced today that Tim Warner, who led the Company’s expansion throughout Latin America as the President of Cinemark International before becoming President of the domestic circuit in 2006, has been promoted to the position of Chief Executive Officer. The appointment follows notification by Alan Stock, who has served as Chief Executive Officer since December 2006, of his decision to step down from his current leadership position and retire from Cinemark. Mr. Stock will serve in a transitional role at Cinemark through May 1, 2012 and continue in an advisory role as a consultant for the Company for a two year period thereafter.