The news was first reported by the Hollywood Reporter. Billboard is a part of Penske Media Corporation. Michael Rapino: Family Life . UPDATED: Live Nation CEO Michael Rapino posted an open letter to employees across the world promising greater diversity in the years to come, along with a $10 million investment . The (bonuses) are not subject to any performance or recoupment provisions, Glass Lewis researchers wrote. Of this total $3,000,000 was received as a salary, . Michael Rapino, chief executive officer of concert promoter Live Nation Entertainment Inc., earned $139 million in 2022, a record year for the company that also saw management criticized for high ticket prices and operational snafus. The average salary for Live Nation, Inc. employees is $88,998 in 2023. Michael Rapino has led Live Nation Entertainment as the Chief Executive Officer and President since 2005. According to the documents, the performance RSUs will be based on Live Nations stock price. Live Nation CEO Michael Rapino will forgo most of his 2020 salary "in light of the evolving circumstances relating to the coronavirus," the live events company said in an SEC filing Monday. Rapino 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, the company said in a statement Thursday. Board of Directors in LIVE NATION ENTERTAINMENT. View job. This report is not for commercial use. His base salary is $3 million, a bump up from his base salary of . Live Nation CEO Michael Rapino Inks Rich New 5-Year Contract Extension. All Rights Reserved. All Rights Reserved. After stock prices dropped 54% in the first weeks of the shut down, investor optimism rebounded and is now high as live events are set to return later this year. LIVE NATION ENTERTAINMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Concert attendance is on the rise as pandemic protocols are precautions have finally lifted and massive concert tours are scheduled in major cities across the United States. Highest-Paid CEOs. President, Chief Executive Officer and Director at LIVE NATION ENTERTAINMENT as reported in their proxy statements. Four of the company's executives received a total of $17.3 million in a year that saw share prices reach new heights, as well as 10 deaths at Astroworld. His base salary increased slightly to $1.3 million from $1.1 million, and he also earned a signing bonus of $6 million and an annual cash performance bonus of $2.5 million. Live Nation CEO to Forgo $3 Million Base Salary, Execs Take Pay Cuts A month after suspending all tours amid the novel coronavirus pandemic, Live Nation's CEO will be forgoing his. Share on Social Media. Combined, the four executives shares were worth $17.3 million. The Live Nation public relations engine was able to secure substantial coverage last year for what appeared on its face to be a very magnanimous act by its CEO: Michael Rapino forgoing his entire salary for 2020 once the COVID pandemic bore down on the industry and hit his company hard. This site is protected by reCAPTCHA Enterprise and the Google. 2023 Variety Media, LLC. in the last 10 years Live Nation has invested over $45 billion to pay artists and promote their shows, and the company . Live Nation is targeting $500 million in savings for 2020 through the new measures. We're continually striving towards this goal on all fronts to uplift people across race, ethnicity, gender, sexual orientation, disability, and other underrepresented groups. FIFA Boss Should Read the Pitch on Womens Pay, 2024 Won't Be the End of South Africa's ANC Party, Chris Christie Is Absolutely, Totally 100% Anti-Trump. Glass Lewis also raised concerns over cash signing bonuses of about $6 million received by Rapino and Berchtold. Live Nation underwent three rounds of layoffs and furloughs, affecting more than half of its staff. The Senate Judiciary Committee has called on activists and artists to speak up about their experiences with Ticketmaster. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. Since then, the company has faced pushback from lawmakers over its merger of Ticketmaster and Live Nation and is said to be undergoing an investigation by the Department of Justice. In a rare investor reproach for Live Nation, at the companys annual meeting held earlier in June, a majority of its shareholders voted against ratifying chief executive Michael Rapinos $139-million pay package for 2022. It closed at $82.27 on Tuesday. More than 53% of votes cast rejected 2022 compensation packages for Rapino and other top executives. The Hollywood Reporter is a part of Penske Media Corporation. Rapino did not receive a bonus for 2020 due to the companys significant drop in revenue and he forfeited the $2.9 million he was to receive in stock rewards. That earned him a $6 million signing bonus. Rapino will also be getting a onetime $6 million signing bonus, and some time-based RSUs. In the wake of the steep challenges the live-entertainment industry faces due to the coronavirus pandemic, Live Nation CEO Michael Rapino will forego his 2020 salary and senior executives will see . Meanwhile, Ticketmaster tacks on additional fees between 40-50% of the base ticket price that customers pay. The vast majority of their compensation came in . . Part-time. WORK WITH EQUALITY. Total Live Nation shareholder returns were negative over a one-year period and underperformed the S&P 500 Index, ISS says. 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The filing also notes that Rapino received$216,000 in travel costs and allowances (includinga $75,000 automobile allowance and $141,000 for private air travel) for a total 2020 compensation of $1.89 million. In Q1 it recorded revenue of $1.8 billion, up from $290 million in the same quarter a year earlier. On top of that, Rapino receivedanother $216,000 in travel costs and allowances includinga $75,000 per year automobile allowance and $141,000 for private air travel for a total of $1.89 million. Rapino signed a new agreement with Live Nation to continue his employment through 2027. The companys general counsel Michael Rowles received 14,139 shares as a bonus, while executive vp John Hopmans received 23,479 shares. Sign up for THR news straight to your inbox every day. 2023 Billboard Media, LLC. nine = three .hide-if-no-js { CORAL VON ZUMWALT. Michael Rapino Michael Rapino is a Canadian-American business executive and the Chief Executive Officer and President of Live Nation Entertainment, Inc, which was formed in 2010 following the merger of Live Nation and Ticketmaster. You may also find the annual proxy statement by going directly to the company's website. }, nine = 9 .hide-if-no-js { 2023 The Hollywood Reporter, LLC. As of May 31, only 1.5% of companies in the Russell 3000 index have failed Say on Pay votes so far this year, according to a report by Harvard Law Schools Forum on Corporate Governance. Rapino received expansive praise, and apparently inaccurate media coverage throughout the year, for the initial reports that he was foregoing his salary for all of 2020. In December, just six weeks after Astroworld, rapper Drakeo the Ruler was murdered backstage at a Live Nation festival in L.A. The bonuses come one week after the company reported its year-end results for 2021, with a $1.1 billion uptick in revenue over 2020 after the company was effectively shut down for more than a year due to the COVID-19 pandemic. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov display: none !important; Amid scrutiny for its ticketing practices, Live Nation/Ticketmaster CEO Michael Rapinos compensation package tops $139 million. At the same time, concert attendance has been on the rise, as has the companys revenue. As of April 10, Live Nation chief Michael Rapino will forgo his $3 million base salary, the company stated in an 8K filing with the Securities and Exchange Commission on Monday. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Rapinos compensation included a base salary of $3 million, up from $2.6 million in 2021 (which came as Rapino agreed to take a pay reduction during the pandemic). However, the April 9, 2020 filing states: The reductions in salary are effective from April 16, 2020 until such time as the compensation committee of the Companys board of directors determines circumstances warrant restoring compensation to contractual levels.. Rapino also reported that sponsorship and advertising operating income reached the same levels for the second half of 2021 as 2019 and that fourth-quarter ticketing revenue jumped 118%, while sponsorship income rose 37%. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. CEO Michael Rapino will also forgo his salary of $3 million, and other . UPDATED: While multiple outlets, including Variety, reported last April that Live Nation CEO Michael Rapino was foregoing his $3 million salary for all of 2020 due to the pandemic and its devastating effect on the live-entertainment industry and the company, according to SEC filings, he did so for less than two months. In 2018, he made $11.5 million, with $8.4 million. This site is protected by reCAPTCHA Enterprise and the Google. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. 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The group raised specific concerns over a mega grant Rapino received in July 2022 that it said was worth $120.5 million and a similar award CFO Berchtold received worth $52.6 million. Live Nation CEO Michael Rapino in 2014/Getty Images. That includes Australia and New Zealand where pay went back to 100% in January due to the Asia Pacific regions progress combating COVID-19. All Rights Reserved. The Ticketmaster, which falls under Live Nation Entertainment, has faced backlash since its site experienced errorsand site slowdowns during its Taylor Swift presale for verified fans in fall 2022. Other compensation made up the difference. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, Live Nation estimated these initiatives, along with government support would save the company about $500 million in 2020 and eliminate or defer $800 million in cash outflows into 2021. All Rights Reserved. 04/13/2020 Live Nation CEO to Forego Salary as Company Taps Cost-Cutting Measures With the live events industry facing an uncertain future, Live Nation president/CEO Michael Rapino. The chart on this page features a breakdown of the total annual pay for Michael Rapino, Influential shareholder advisory groups Institutional Shareholder Services (ISS) and Glass Lewis recommended shareholders vote against Live Nations executive officers compensation, citing a misalignment between pay and performance in the structure of certain stock equity grants. 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Live Nation has a long track record of delivering value for both artists and shareholders in the last 10 years Live Nation has invested over $45 billion to pay artists and promote their shows, and the companys stock posted an annual average return of 25%, more than doubling the return of the S&P 500.. The Hollywood Reporter is a part of Penske Media Corporation. The current structure could reward these executives for short-term or merely temporary increases in stock price, ISS researchers wrote, adding that the large one-time equity grants paid were multiple times larger than the total CEO pay for the companys peer grouplack clear disclosure regarding the rationale for the size of the awards and other details necessary to assess them.. }. (Rapino's $3 million salary isn't his total compensation. 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Unfortunately Not Very Much (Updated for 2023), How Much Does Spotify Pay Per Stream? Michael Rapino, CEO of Live Nation, is accelerating his company's commitments to social causes. It seems the companys board deemed circumstances warranted restoring compensation at around the same time the company was hit with second and third rounds of layoffs and furloughs, in May and September. 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