Kim Kelleher
AMC NetworksAbout Kim Kelleher
Chief Commercial Officer at AMC Networks (AMCX) since September 2022; age 53. Background spans senior commercial leadership across Condé Nast brands (GQ, Wired Media Group, Allure, Brides, Glamour, Self, Teen Vogue), plus roles as President of Say Media, worldwide Publisher of Time, VP/Publisher of Sports Illustrated, and Publisher at Self and Condé Nast . In 2024, AMCX delivered net cash from operations of $376M (+84% YoY) and free cash flow of $331M (+96% YoY), while streaming revenue rose to $603M (+7% YoY) and subscribers reached 12.4M (+8%), aligning Kelleher’s remit in distribution, licensing, and advertising with pay metrics geared to AOI and FCF .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Condé Nast (GQ, GQ Style, Golf Digest, Golf World, Pitchfork, Wired Media Group) | Chief Business Officer | Not disclosed | Led commercial strategy across premium brands and digital portfolios |
| Condé Nast (Allure, Brides, Glamour, Self, Teen Vogue) | Chief Business Officer | Not disclosed | Oversaw multi-brand revenue and partnerships |
| Wired Media Group | Chief Revenue Officer | Not disclosed | Drove monetization and advertiser solutions |
| Say Media | President | Not disclosed | Led digital media operations and growth |
| Time | Worldwide Publisher | Not disclosed | Global commercial leadership for Time brand |
| Sports Illustrated | VP/Publisher | Not disclosed | Managed print/digital ad sales and brand revenue |
| Self / Condé Nast | Publisher | Not disclosed | Business leadership for lifestyle titles |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| No current public-company directorships disclosed | — | — | None disclosed in AMCX proxy filings |
Fixed Compensation
| Year | Base Salary ($) | Discretionary Bonus ($) | All Other Comp ($) | Notes |
|---|---|---|---|---|
| 2022 | 1,300,000 | — | 43,047 | All Other includes benefits; 2022 incentive split per employment agreement (see Employment Terms) |
| 2023 | 1,300,000 | — | 13,400 | — |
| 2024 | 1,300,000 | 15,000 | 13,556 (401k match) | CEO-awarded special recognition bonus based on commercial achievements |
Total compensation: $3,258,807 (2022), $3,899,854 (2023), $4,051,195 (2024) .
Performance Compensation
| Program | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive (2023) | AOI, FCF, four strategic goals (transformative projects, culture, engagement, CX) | Weighted criteria (e.g., Transformative Projects 50%) | 125% of salary ($1,625,000) | Corporate score 101% | $1,641,250 | Cash; annual |
| Annual Incentive (2024) | Company four strategic goals + AOI and FCF targets | Not disclosed | 125% of salary ($1,625,000) | Corporate score 105% | $1,706,250 | Cash; annual |
| Cash Performance Awards (2021–2023 tranche; paid 2024) | AOI and FCF; 3 one-year periods; 3-year modifiers (linear subs share, audience share) | 50% of LTI value | 2023 AOI target $698M; FCF target $222M | AOI $680M (97.4%); FCF $302M (136%) → weighted 106.2%; earn-out 106.5% | 106.5% of target; included in 2024 “Non-Equity Incentive” | Cliff vest at end of 3 years; paid Q1 following period |
| RSUs (2024 grant) | Stock performance | 50% of LTI value | 38,610 units ($486,100 GV) | — | — | Vest ratably over 3 years |
Notes:
- 2024 LTI target mix for Kelleher: CPAs $500,000; RSUs $486,100 grant-date value .
- RSU grants use a 20-day average price; most 2024 grants on March 12, 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 17,750 Class A shares; <1% of class |
| Unvested equity | 98,434 unvested RSUs (excluded from beneficial count) |
| Vested vs. unvested | Beneficial figure includes vested RSUs; unvested RSUs separately disclosed |
| Pledging / hedging | Company prohibits hedging and short sales for all employees; prohibits pledging of Company stock and requires pre-approval of trading by directors and executive officers |
| Ownership guidelines | Not disclosed in proxy; no data to assess compliance — |
Potential insider-selling pressure:
- RSUs vesting on a ratable 3-year schedule can create periodic supply; policy-level bans on pledging/hedging mitigate leverage-driven selling risk .
Employment Terms
| Term | Provision |
|---|---|
| Agreement dates | Amended & restated employment agreement effective Sept 2, 2022; CCO from Aug 8, 2022 through March 31, 2026 (“Scheduled Expiration”) |
| Base salary | Minimum $1,300,000; annual review by Compensation Committee |
| Target bonus | 125% of annual base salary |
| Long-term incentives | Annual cash and/or equity awards with target value ≥ $1,000,000 (Comp Committee determined) |
| 2022 incentive structure | Jan 1–Sept 2, 2022: ad sales commission program; target commission 75% of actual salary dollars; Sept 2–Dec 31: AIP with target bonus 125% of actual salary dollars |
| Severance (no cause; before expiry) | Cash equal to ≥ 2× (base salary + target bonus); pro-rata bonus for year of termination; payment for preceding year if unpaid; all performance awards vest and pay per plan (performance awards at target if period not completed); time-vested RSUs continue vesting per schedule; options/SARs continue vesting; full exercise for remaining term |
| Non-compete | 12 months post-termination if prior to Scheduled Expiration Date |
| Change-in-control (CIC) economics | Upon termination without cause or by executive for Good Reason following CIC: 2× salary+bonus; pro-rata bonus; full vest of RSUs and CPAs (amounts shown below) |
CIC / termination payout amounts (illustrative as of 12/31/2024):
- Severance: $4,000,000
- Pro rata bonus: $997,787
- Unvested RSUs vest: $900,505
- Unvested CPAs vest: $1,950,000
Compensation Structure Analysis
- High at-risk pay: ~70% of NEO target comp at-risk via AIP and LTI; metrics tied to AOI, free cash flow, and distribution/viewership modifiers .
- Shift toward RSUs + cash LTI: RSUs vest ratably over 3 years; CPAs use annual targets with a three-year averaging/modifier—flexible in dynamic media markets .
- Governance guardrails: Clawback policy compliant with SEC rules; no excise tax gross-ups; no dividends on unvested equity; trading pre-approval and anti-hedging/pledging .
Say‑on‑Pay & Compensation Committee
- Say‑on‑pay: 87% approval in 2023; Company increased frequency to annual advisory votes based on stockholder feedback .
- Compensation Committee: Independent (Chair Leonard Tow, member Vincent Tese); engaged Pay Governance LLC as independent consultant; 9 meetings in 2024 .
Investment Implications
- Pay-for-performance alignment: Annual and long-term incentives directly linked to AOI and FCF—the same metrics investors use for AMCX performance—supporting disciplined cash generation and capital allocation .
- Retention risk: Significant unvested RSUs (98,434) and 3-year CPAs create retention hooks through 2025–2027; non‑compete and double‑trigger CIC terms further stabilize leadership continuity .
- Selling pressure: Ratable RSU vesting introduces periodic supply, but prohibitions on pledging/hedging reduce forced-selling scenarios; monitor Form 4s around quarterly vest dates for near-term supply signals .
- Execution confidence: 2024 AIP payout at 105% and 2021–2023 CPA earning at 106.5% reflect above-target delivery on free cash flow and operational goals; commercial renegotiations and third‑party licensing revenue growth bolster the outlook under Kelleher’s remit .
All quantitative values and governance statements are sourced from AMCX DEF 14A proxy statements dated April 26, 2024 and April 25, 2025.