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Companies National CineMedia

National CineMedia (NCMI): executive pay, fiscal 2025

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CEO total pay$2,652,898CEO Thomas Lesinski · source
Say-on-pay support87.32%Latest vote · source
CEO vs. named peers8th pct.Of 14 peer CEOs
CEO pay ratio13:1To the median employee · source

CEO pay, last three years

  • $4,594,126FY2023
  • $9,693,147FY2024
  • $2,652,898FY2025

CEO total pay was $2,652,898 in fiscal 2025, down from $9,693,147 in fiscal 2024.

FY2025: salary $960,577 · bonus $0 · stock awards $1,000,005 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at National CineMedia in fiscal 2025?
As disclosed, Thomas Lesinski (Chief Executive Officer) was the highest-paid executive at National CineMedia in fiscal 2025, with total compensation of $2,652,898.
How does National CineMedia's chief executive pay compare to its disclosed peer group?
As disclosed, Thomas Lesinski's total compensation ranked at the 8th percentile of National CineMedia's disclosed peer group.
What is National CineMedia's CEO-to-median employee pay ratio?
As disclosed, National CineMedia's CEO-to-median employee pay ratio was 13:1.
How did shareholders vote on National CineMedia's executive compensation?
As disclosed, 87.32% of shareholders supported National CineMedia's executive compensation in the latest say-on-pay vote.
How much does National CineMedia spend in total on board compensation for fiscal 2025?
As disclosed, National CineMedia reported total board compensation of $1,684,909 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Thomas Lesinski$960,577$0$1,000,005$0$664,150$0$28,166$2,652,898
Chief Executive Officer
Catherine Sullivan630,0000700,0010001,219,1622,549,163
President
Ronnie Ng623,0770700,0010344,64006,7101,674,428
Chief Financial Officer
Maria Woods441,3460400,0030228,86307,3671,077,578
Executive Vice President and General Counsel

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Thomas Lesinski$2,652,898$9,693,147$4,594,126↓ −7,040,249
Catherine Sullivan2,549,163———
Ronnie Ng1,674,4284,795,8951,933,228↓ −3,121,467
Maria Woods1,077,5782,675,592—↓ −1,598,014

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain highly qualified executives, align executive interests with stockholders, and reward performance. Target compensation is set at or near the 50th percentile of the peer group.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMeridian
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Catherine SullivanPSU2025-05-0130,97461,947—123,894$350,001
Thomas LesinskiPSU2025-05-0544,56489,127—178,254500,002
Maria WoodsRSU2025-05-01——35,398—199,999
Ronnie NgPSU2025-05-0130,97461,947—123,894350,001
Maria WoodsPSU2025-05-0117,70035,399—70,798200,004
Ronnie NgRSU2025-05-01——61,947—350,001
Catherine SullivanRSU2025-05-01——61,947—350,001
Thomas LesinskiRSU2025-05-05——89,127—500,002
Thomas LesinskiOPTION2025-05-05——250,000——

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Catherine Sullivan$350,001$350,001$050.0%
Thomas Lesinski500,002500,002050.0%
Maria Woods199,999200,004050.0%
Ronnie Ng350,001350,001050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Thomas LesinskiOption8,33335—
Catherine SullivanPSU12,834—49,924
Thomas LesinskiPSU31,809—123,737
Maria WoodsRSU35,398—137,698
Maria WoodsPSU35,399—137,702
Ronnie NgRSU61,947—240,974
Ronnie NgPSU61,947—240,974
Thomas LesinskiRSU74,560—290,038
Thomas LesinskiPSU74,560—290,038
Thomas LesinskiRSU89,127—346,704
Thomas LesinskiPSU89,127—346,704
Maria WoodsRSU103,334—401,969
Ronnie NgRSU206,667—803,935
Maria WoodsPSU215,192—837,097
Thomas LesinskiOption250,00035—
Thomas LesinskiRSU413,334—1,607,869
Ronnie NgPSU430,384—1,674,194
Thomas LesinskiPSU860,766—3,348,380
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David E. GlazekIndependent · Board Chair$183,643$120,000——$0$303,643
Juliana F. HillIndependent118,269120,000——0238,269
Nicholas BellIndependent103,269120,000——0223,269
Joseph MarcheseIndependent96,330120,000——0216,330
Nathan LaneIndependent · Audit · Nominating/Governance · Departed during FY15,299200,000——0215,299
Kelly Campbell KotzmanIndependent · Newly elected71,264120,000——0191,264
Lauren ZalaznickIndependent · Departed during FY52,69260,003——0112,695
Bernadette AulestiaIndependent · Compensation · Leadership (Chair) · Audit · Departed during FY32,69260,003——092,695
Jean-Philippe MaheuIndependent · Compensation · Leadership · Audit · Departed during FY31,44260,003——091,445
Thomas F. LesinskiEmployee director—————0
Mark SadieIndependent · Departed during FY————0—
Simon MullalyIndependent · Newly elected——————

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$120,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000 / 20,000
Stock ownership guidelineAs of March 9, 2026, all executive officers and directors that met the tenure requirement are compliant with the share ownership guidelines.

Total cost of the board

ComponentFY2025
Cash retainers and fees$704,900
Equity awards (grant-date value)$980,009
All other compensation$0
Total cost of the board$1,684,909

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names National CineMedia as a peer

Companies that benchmark against NCMI

No companies currently name NCMI as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

Of the companies National CineMedia names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including National CineMedia.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Madison Square Garden Entertainment Corp.2026James Dolan$1,500,000$8,889,878$0$3,849,000$14,794,242
2Sphere Entertainment Co.2025James Dolan230,000013,027,275378,99414,284,275
3Imax Corp.2025Richard Gelfond1,200,0005,499,95101,898,8418,655,929
4Townsquare Media, Inc.2025Bill Wilson1,450,0002,502,135005,897,214
5Outfront Media Inc.2025Nicolas Brien778,4644,333,3150745,9485,883,153
6Magnite, Inc.2025Michael Barrett650,0003,601,632927,883629,4605,842,620
7Thryv Holdings, Inc.2025Joseph Walsh1,060,9003,000,00001,157,4425,259,837
8Immersion Corporation2026Eric Singer1,137,8801,923,0000395,0005,066,691
9The Marcus Corporation2025Gregory Marcus970,0962,047,40801,058,0324,840,339
10Cumulus Media Inc.2024Mary Berner1,450,0001,743,75101,458,5934,655,794
11Entravision Communications Corporation2025Michael Christenson500,0003,591,263004,098,934
12National CineMedia2025Thomas Lesinski960,5771,000,0050664,1502,652,898
13Acme United Corporation2025Walter Johnsen1,086,1650455,25001,669,401
—Saga Communications, Inc.——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
National CineMedianot disclosednot disclosednot disclosedMeridian
Acme United Corporationnot disclosednot disclosednot disclosednot disclosed
Cumulus Media Inc.not disclosedRSU 50 · CPU 30 · PRSU 20not disclosedFrederic W. Cook & Co., Inc.
Entravision Communications Corporationnot disclosednot disclosednot disclosedFrederic W. Cook & Co., Inc.
Imax Corp.not disclosedPSU 50 · RSU 50not disclosedWillis Towers Watson
Immersion Corporationnot disclosedRSU 100not disclosednot disclosed
Madison Square Garden Entertainment Corp.not disclosedRSU 50 · PSU 50not disclosedClearBridge Compensation Group LLC
Magnite, Inc.100.38%PSU 50 · RSU 30 · Options 20Yes — TSR performance relative to the Russell 2000 indexSemler Brossy Consulting Group, LLC
Outfront Media Inc.95%PRSU 60 · RSU 40Yes — Relative TSRClearBridge Compensation Group
Saga Communications, Inc.not disclosednot disclosednot disclosednot disclosed
Sphere Entertainment Co.123.33%not disclosedNoClearBridge Compensation Group LLC
The Marcus Corporationnot disclosedLTIP Units 40 · Restricted Stock 40 · PSU 20NoWillis Towers Watson (WTW)
Thryv Holdings, Inc.100.0%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Lyons Benenson
Townsquare Media, Inc.not disclosednot disclosednot disclosedWillis Tower Watson PLC

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0762,083,1969,015,2031,247,46787.32%Passed
20252025-05-0144,244,27430,036,78222,73859.56%Passed
20232023-11-0245,036,6886,755,912574,28086.96%Passed
20222022-05-0447,329,62913,528,106117,66077.77%Passed
20212021-05-0541,447,85113,356,851104,97575.63%Passed
20202020-04-2866,190,363468,751162,54399.3%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20262026-05-0787.32%a
20252025-05-0159.56%b
20232023-11-0286.96%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be included in the totals for the proposal, and will have no effect on the outcome of the vote.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)13 : 1
CEO total compensation$2,652,898
Median employee compensation$170,930
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (54 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Thomas Lesinski. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 2,652,898. View filing ↗
  • Section 01, Catherine Sullivan. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 2,549,163. View filing ↗
  • Section 01, Ronnie Ng. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 1,674,428. View filing ↗
  • Section 01, Maria Woods. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Summary Compensation Table” · page 30. As printed: 1,077,578. View filing ↗
  • Section 03, Catherine Sullivan PSU. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas Lesinski PSU. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Maria Woods RSU. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Ronnie Ng PSU. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Maria Woods PSU. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Ronnie Ng RSU. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Catherine Sullivan RSU. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas Lesinski RSU. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas Lesinski OPTION. DEF 14A, filed 2026-03-27. Section “Fiscal 2025 Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-27. Section “CEO Pay Ratio”. As printed: 13 : 1. View filing ↗
  • Section 08, David E. Glazek. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 303,643. View filing ↗
  • Section 08, Juliana F. Hill. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 238,269. View filing ↗
  • Section 08, Nicholas Bell. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 223,269. View filing ↗
  • Section 08, Joseph Marchese. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 216,330. View filing ↗
  • Section 08, Nathan Lane. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 215,299. View filing ↗
  • Section 08, Kelly Campbell Kotzman. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 191,264. View filing ↗
  • Section 08, Lauren Zalaznick. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 112,695. View filing ↗
  • Section 08, Bernadette Aulestia. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 92,695. View filing ↗
  • Section 08, Jean-Philippe Maheu. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 91,445. View filing ↗
  • Section 08, Thomas F. Lesinski. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Mark Sadie. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 08, Simon Mullaly. DEF 14A, filed 2026-03-27. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-05-12. Item 5.07 · say-on-pay result. As reported: 87.32% (votes for as printed: 62,083,196). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-06. Item 5.07 · say-on-pay result. As reported: 59.56% (votes for as printed: 44,244,274). View filing ↗
  • Section 06, 2023 vote. Form 8-K, filed 2023-11-07. Item 5.07 · say-on-pay result. As reported: 86.96% (votes for as printed: 45,036,688). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 704,900 + equity 980,009 + all other 0 = 1,684,909, summed across the director compensation table rows.
  • Madison Square Garden Entertainment Corp., Section 10b CEO total. DEF 14A, filed 2026-10-22. CEO total compensation as printed in Madison Square Garden Entertainment Corp.'s own proxy. As printed: 14,794,242. View filing ↗
  • Sphere Entertainment Co., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Sphere Entertainment Co.'s own proxy. As printed: 14,284,275. View filing ↗
  • Imax Corp., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Imax Corp.'s own proxy. As printed: 8,655,929. View filing ↗
  • Townsquare Media, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Townsquare Media, Inc.'s own proxy. As printed: 5,897,214. View filing ↗
  • Outfront Media Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Outfront Media Inc.'s own proxy. As printed: 5,883,153. View filing ↗
  • Magnite, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Magnite, Inc.'s own proxy. As printed: 5,842,620. View filing ↗
  • Thryv Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Thryv Holdings, Inc.'s own proxy. As printed: 5,259,837. View filing ↗
  • Immersion Corporation, Section 10b CEO total. DEF 14A, filed 2026-08-28. CEO total compensation as printed in Immersion Corporation's own proxy. As printed: 5,066,691. View filing ↗
  • The Marcus Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in The Marcus Corporation's own proxy. As printed: 4,840,339. View filing ↗
  • Cumulus Media Inc., Section 10b CEO total. DEF 14A, filed 2025-04-25. CEO total compensation as printed in Cumulus Media Inc.'s own proxy. As printed: 4,655,794. View filing ↗
  • Entravision Communications Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-20. CEO total compensation as printed in Entravision Communications Corporation's own proxy. As printed: 4,098,934. View filing ↗
  • National CineMedia (subject), Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in National CineMedia's own proxy. As printed: 2,652,898. View filing ↗
  • Acme United Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Acme United Corporation's own proxy. As printed: 1,669,401. View filing ↗
  • Section 10a, OUTFRONT Media Inc. reciprocity. DEF 14A. OUTFRONT Media Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
  • Section 10a, Immersion Corporation reciprocity. DEF 14A. Immersion Corporation's most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
  • Section 10a, Thryv Holdings, Inc. reciprocity. DEF 14A. Thryv Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
  • Section 10a, IMAX Corp. reciprocity. DEF 14A. IMAX Corp.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
  • Section 10a, Cumulus Media Inc. reciprocity. DEF 14A. Cumulus Media Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
  • Section 10a, Entravision Communications Corporation reciprocity. DEF 14A. Entravision Communications Corporation's most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
  • Section 10a, Magnite, Inc. reciprocity. DEF 14A. Magnite, Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
  • Section 10a, Townsquare Media, Inc. reciprocity. DEF 14A. Townsquare Media, Inc.'s most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
  • Section 10a, The Marcus Corporation reciprocity. DEF 14A. The Marcus Corporation's most recent proxy was read; its disclosed peer group does not include National CineMedia. View filing ↗
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