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Michael Rapino has signed a five-year contract extension to remain the chief executive of Live Nation.<\/p>\n
According to Hollywood Reporter, Rapino\u2019s salary will remain unchanged at $3m per year. However, the annual target cash bonus, based on certain metrics, has leapt from $6m to $17m per year. From 2023, he will also be eligible for an annual grant of restricted shares valued at no less than $10m.<\/p>\n
He has also received a one-off $6m signing bonus.<\/p>\n
The Live Nation board approved the new contract unanimously, with Rapino abstaining from the vote.<\/p>\n
Rapino joined Live Nation in 2005 and steered the company\u2019s merger with Ticketmaster in 2009.<\/p>\n
Live Nation generated revenue of $1.8bn in the first quarter of this year, a sharp rise from $290m a year earlier, reflecting a surge of pent-up demand after the impact of Covid-19 on live events.<\/p>\n
\u201cRapino successfully steered Live Nation through two years of pandemic shutdown, emerging better positioned than ever and on pace for a record year in 2022 with over 100 million fans across 45 countries,\u201d the company said in a statement.<\/p>\n
\u201cSimilar to past contracts, 90% of Rapino\u2019s total compensation is tied to continued growth and delivery of shareholder value. Live Nation has a long track record of delivering value for both artists and shareholders \u2013 in the last 10 years Live Nation has invested over $45bn to pay artists and promote their shows, and the company\u2019s stock posted an annual average return of 25%, more than doubling the return of the S&P 500.\u201d<\/p>\n
Image:\u00a0Yvette de Wit<\/a>\u00a0on\u00a0Unsplash<\/a><\/p>\n<\/div>\n