Adam Aron and the AMC Entertainment board have agreed to reduce the CEO’s target compensation by 25% this year, he said, as he’s bombarded with hostility by the theater chain’s large group of retail shareholders angry at the sinking stock. It means the target amount that he’d be eligible for would be lower.

Aron didn’t give details. His 2022 compensation totaled $23.7 million, including a base salary of $1.5 million, a $6 million cash bonus, and stock awards valued at $16.2 million. Pay for 2023 will come out in spring proxy statements. In late 2022, he had asked the board to freeze his compensation for 2023.

“There is no anguish in my voice about that. That is what a CEO of a company like yours should do,” he said on a call after earnings, noting that he’s the company’s single biggest individual shareholder. “I mean it when I say I ride with you.