Regal freezes executive salaries, approves bonuses

twilight_atb_12.jpgFor the second time in three years, Regal Entertainment Group, the largest movie theater operator in the country, has frozen the salaries of its top executives.

But don’t feel too sorry for the Knoxville-based company’s execs. Regal’s board last week approved healthy six-figure bonuses for the top five officers, according to a Securities and Exchange Commission report filed Wednesday.

The following bonuses were approved based on “attainment of performance targets previously established” by the board’s compensation committee, according to the SEC filing:

$800,000, Executive Chairman Michael Campbell

$750,000, CEO Amy Miles

$495,000, President and COO Gregory Dunn

$288,750, Executive Vice President and CFO David Owenby

$277,500, Executive Vice President and General Counsel Peter B. Brandow

Anyway you cut it, that’s a lot of popcorn.

Base 2011 salaries for the execs are unchanged from 2010. Campbell continues to be highest paid at $800,000, followed by Miles at $750.000. Dunn’s base pay is $495,000. Ownby’s salary is $385,000 and Brandow’s is $370,000.

In 2009, Regal froze executive salaries at 2008 levels as it cut costs in response to the recession. The SEC filing doesn’t indicate why 2011 salaries were frozen.

Regal SEC filing

Photo: Regal Pinnacle 18 Theater in Knoxville. (News Sentinel files)