As President, Chief Executive Officer and Director at LIVE NATION ENTERTAINMENT, The news was first reported by Billboard. Beginning in 2023, Rapino will also be eligible for an annual grant of restricted shares valued at no less than $10 million. The Hollywood Reporter is a part of Penske Media Corporation. WORK WITH EQUALITY. Live Nation Inks CEO Michael Rapino to New Multi-Million - Variety His base salary is $3 million, a bump up from his, of $2.1 million in 2021after a pandemic reduction. Despite multiple programs to boost the companys earnings and stock price, Live Nations revenue plummeted 84% from 2019 to 2020, as live-entertainment lurched to a near-complete standstill as the pandemic set in in March, and only partially recovered via drive-in concerts and a partial lifting of restrictions in various parts of the country, particularly in the Southern states. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. Total Live Nation shareholder returns were negative over a one-year period and underperformed the S&P 500 Index, ISS says. Of this total $3,000,000 was received as a salary, Starting next year, Rapino will also be eligible for an annual grant of restricted shares valued at no less than $10 million. 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. For Now, GOP Presidential Hopeful Ramaswamy Sued Over Strives Practices, Five Ways the Feds Deflation Playbook Could Be Improved, World Banks Decision To Pause Ugandas Funding Spurs Questions on Decision Process, Lionesses Urged to 'Roar to Victory' as Nation Unites Behind Them, Indonesia Will Ease Solar Power Rules to Unlock Green Investment, Biden to Visit Hawaii in Stepped-Up Response to Disastrous Fires, NYC Congestion Pricing Board Tackles Tough Job of Deciding Wholl Be Exempt, Maui Wildfires Show That Risk Is Ubiquitous Now, One of the Worlds Most Expensive Cities Is Finally Getting a Metro, Bitcoin Extends Losses as Global Jump in Bond Yields Deters Dip Buying, Crypto Startup Aims to Tokenize Stocks by Playing by the Rules, Sam Bankman-Fried Wants Weekly Jail Release to Prepare Defense Case. Live Nation CEO Earns $139 Million in Year of Concert Outrage President, Chief Executive Officer and Director at LIVE NATION ENTERTAINMENT as reported in their proxy statements. Board of Directors in LIVE NATION ENTERTAINMENT. 1017 Records Owner Eyes Viral Rich Men North of Richmond Artist To Kick Off Wider Country Expansion, Did Bruce Springsteen Cancel His Philadelphia Shows Because of Low Ticket Sales? The Senate Judiciary Committee has called on activists and artists to speak up about their experiences with Ticketmaster. This information is according to proxy statements filed for the 2022 fiscal year. For its 2022 fiscal year, LIVE NATION ENTERTAINMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. pay has. 18 days ago. 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 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. Senior Accountant professionals rate their compensation and benefits at Live Nation Entertainment with 3.3 out of 5 stars based on 45 anonymously submitted employee reviews. Rich Men North of Richmond Goes Viral. ISS contends the grants were not adequately linked to achieving sustained higher stock prices. LNE is an entertainment company based in America, which is the combined form of Ticketmaster and Live Nation. Live Nation Careers and Employment | Indeed.com $18,000,000 was received as a bonus, It's been a half century since Australia and China established formal relations, but neither side is really celebrating. Despite layoffs and furloughs, Live Nation weathered the pandemic remarkably well for a company based on large public gatherings, due in no small part to Rapinos strong leadership. Live Nation is targeting $500 million in savings for 2020 through the new measures. President, Chief Executive Officer and Director Michael Rapino salary After several years of growing tensions, the potential for a reset under Australia's new Labor government is in question as trade sanctions remain and diplomatic disputes persist. The charts on this page feature a breakdown of the total annual pay for the top executives at LIVE NATION ENTERTAINMENT as reported in their proxy statements. He last signed a contract in 2017. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Live Nation merged with Ticketmaster in 2010 and represents around 70% of all live tickets sold in the United States. Rapino has been CEO since he launched Live Nation in 2005, after Clear Channel sold off the concert and sports units it had acquired from SFX founder Robert Sillerman (who had also acquired Rapinos concert promotion company) five years earlier. According to the filing, Rapino's pay will go from $3 million to zero, president Joe Berchtold from $1.3 million to $650,000; chief counsel Michael Rowles from $800,000 to $400,000, and CFO Kathy. LIVE NATION ENTERTAINMENT - Salary.com The number of fans attending events still isnt quite back to 2019 levels, but the pent-up demand means that the company is extracting more per customer than it did before. 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. The promoter is also facing multiple lawsuits related to that incident, A daily briefing on what matters in the music industry. 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. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Michael Rapino, President and CEO of Live Nation. Meanwhile, Ticketmaster tacks on additional fees between 40-50% of the base ticket price that customers pay. According to a copy of the contract filed with the SEC, the performance RSUs will be based on Live Nations stock price. display: none !important; President Joe . 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. The final price that is advertised is the price the consumer should pay for concert tickets, sporting events, and any other large gathering ticketed by services like Ticketmaster. Live Nation Shareholders Vote Disapproval of CEO's Pay Package - Billboard This report is not for commercial use. All Rights Reserved. Elizabeth Dilts Marshall. 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. It closed at $82.27 on Tuesday. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Highest-Paid CEOs | AFL-CIO display: none !important; A daily briefing on what matters in the music industry. 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. As the shareholder vote was advisory and non-binding, Live Nations board will have the ultimate say on any future actions around executive compensation. 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. This site is protected by reCAPTCHA Enterprise and the Google. Heres the Latest Data (Updated for 2023), How Much Artists Make Per Stream on Spotify, Apple Music, Amazon, YouTube, Pandora, More (Updated for 2022), Oliver Anthony Says Hes Brushed Off $8 Million Offers I Dont Want to Play Stadium Shows, Bored Ape Litigation Against Justin Bieber, Snoop Dogg, Post Malone, Madonna Expands to Include Sothebys, Michael Jackson Cases Alleging Sexual Assault Revived by Appeals Court Judge, Who Is Oliver Anthony? Live Nation CEO Michael Rapino Gives up Salary, Top Execs - Variety The vast majority of their compensation came in . In Live Nations proxy statement, the company said it believes its compensation program is reasonable, competitive and strongly focused on pay for performance principles. A company spokesperson did not respond to requests for comment. display: none !important; Rapino earned $21 million in salary and bonus, along with $116.7 million in stock awards, according to a company filing Friday. 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.. Live Nation Entertainment President and CEO Michael Rapino attends the Formula 1 Las Vegas Race 2023 announcement at the Boulevard Pool at The Cosmopolitan of Las Vegas on March 30, 2022 in Las Vegas, Nevada. 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. Remote. How to watch the Premier League and more this week. However, Rapino managed to keep investor confidence high for the companys return to health, and its stock even hit a record high of $89.81 per share last month. Bailey Zimmerman & Parmalee Add Country Airplay Top 10s, Tencent Music Entertainment's 7% Gain Leads Music Stocks Thi Billboards Latin Power Players Choice Award: Vote for Jaime Wyatt on Finding Freedom in New Track World Worth Keeping, Malaysian Fest Organizers May Sue The 1975 After Matty Healys LGBTQ Comments, Lil Uzi Vert to Headline Inaugural IYKYKMusic Fest in Phoenix, Bailey Zimmerman & Parmalee Add Country Airplay Top 10s, Luke Combs Doubles Up in Top 3, Tencent Music Entertainments 7% Gain Leads Music Stocks This Week, Billboards Latin Power Players Choice Award: Vote for the Most Impactful Executive (Finalists), Conservatives Tendency to Buy Downloads Could Send Rich Men North of Richmond to No. (Rapino's $3 million salary isn't his total compensation. For its 2022 fiscal year, LIVE NATION ENTERTAINMENT, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Meanwhile, Live Nation, Digital Marketing Specialist Audience Development, The Real Difference Between Rap and Hip Hop, Streaming Nostalgia: Beef on Netflix Unlocks Catalog Classics to a Newer, Younger Audience, Songtradrs SmartMusic Is Merging AI and Neuroscience To Identify Music That Drives Results for Brands, The Guild of Music Supervisors Awards Return In Fiery Fashion to LA Heres the Complete Winners List, Tunefinds 2022 Top TV Placements Show Sync Opportunities for Catalog Tracks Are Stronger Than Ever, Is Sync the New Radio? A Live Nation filing dated April 13, 2020 reads in part: Given the uncertainty associated with the duration of current conditions globally, the company has launched a number of initiatives to reduce fixed costs and conserve cash As part of these cost reduction efforts, the company will implement salary reductions, with salaries for senior executives reduced by up to 50%, and the companys CEO voluntarily forgoing 100% of his salary for the duration of the salary reduction program. 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. Stream with NOW; Get Sky Sports; Twitter; Facebook; Sky Sports 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. Live Nation CEO Michael Rapino Scores Rich New Contract - The Hollywood The deal includes a significant increase in compensation for Rapino, with an annual target payday of $30 million if performance metrics are met (the actual number could be higher or lower, depending on the companys performance). 1:34. Live Nation also faced scrutiny for the deadliest accident to ever happen at one of the companys festivals following the deaths of 10 concert goers at Travis Scotts Astroworld Festival in Houston on Nov. 5. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. 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 . 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. The average salary for Live Nation, Inc. employees is $88,998 in 2023. Sign up for THR news straight to your inbox every day. LIVE NATION ENTERTAINMENT income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. Read Next: Shaquille ONeal Talks Debut EDM Album as DJ Diesel, Playing Lollapalooza for 100,000 Fans: It Gives Me the Feeling of a Playoff Game, Original Pavement Drummer Gary Young Dies at 70, David Byrne Regrets Talking Heads Bitter Split: I Was a Little Tyrant, In Praise of Short Albums: Why the Brutal Criticism of Olivia Rodrigos New Albums Length Makes No Sense, Box Office: Blue Beetle Stumbles With $25 Million Debut, Ends Barbies Four-Week Streak, Christopher Nolans Oppenheimer Surpasses $700 Million Globally, Taika Waititi Reveals What Hed Do With a Hypothetical Thor 5: New Worlds, Outlandish Monsters and an Enemy Stronger Than, Britney Spears Speaks Out After Divorce News: I'm Not Here to Explain Why Because Its Honestly Nobody's Business, How Ron Cephas Jones Vulnerability and Masterful Acting on This Is Us Helped Me Forgive My Father Before His Death, The Paul of 1960s Pop Duo Paul & Paula, Ray Hildebrand, Dies at 82, 'Winning Time': Michael Chiklis and Sean Patrick Small Talk Bringing Humanity to Larry Birds Villain Origin Story, Michael Cera Personally Emailed Greta Gerwig to Be Cast in 'Barbie,' She Responded: 'Let's Get on a Zoom Right Now', Only Murders in the Building: How Alfred Hitchcock Inspired Mabel's Season 2 Look, 'House of the Dragon' Production Designers Worked With Authorities to Make Spain Look Less Clean Without Changing Stonework, This Is an Existential Threat: Will AI Really Eliminate Actors and Ruin Hollywood? All salary reductions were eliminated on April 16, 2021.. . Get the inside scoop on jobs, salaries, top office locations, and CEO insights. . Winning Time Director on Building to the Rivalry Between Magic Johnson and Larry Bird in Season 2, Chloe Melas Joins NBC News as an Entertainment Correspondent, Amazon Hikes Prices Again For Music Unlimited, This Time for Prime Members, Sage Steele Leaving ESPN After Settling Lawsuit, Live Nation Antitrust Investigation Sparks Investor Class Action Lawsuit, Live Nation Revenue Soars Amid Strong Concert Demand This Year, Things We Lost in the Fire: A View from the Writers Strike Line, Studios Make Latest Offer to Writers Guild, Negotiations to Resume Next Week, AI-Created Art Isnt Copyrightable, Judge Says in Ruling That Could Give Hollywood Studios Pause, Disney Doubles Down on Florida Litigation Against Ron DeSantis Board as Governor Signals White Flag, Elon Musk Suggests Block Button May Be Next Feature on the Chopping Block at X, The Nun Actress Sues Warner Bros. in Breach of Contract Lawsuit Over Merchandise Revenue, These Cooling Eye Masks Beloved by Jessica Alba Have More Than 10,000 Five-Star Reviews Online, Timexs Sold-Out Pan Am Waterbury Watch Is Back In Stock, The Best Sleep Tips and Snooze-Friendly Products Inspired by the Worlds Dreamiest Wellness Retreats, The Best Travel Hacks From Flight Attendants and Hollywoods Fashion Insiders, From Under-$200 Luggage to Wardrobe Essentials, Painkiller Author on the 20-Year Road to a Netflix Hit and Why He Doesnt Expect Richard Sackler to Watch, Annette Bening on Meeting a Dire Moment, From Hollywood Strikes to Attacks on LBGTQ Rights, The Definitive Voice of Entertainment News. 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. 2023 The Hollywood Reporter, LLC. Insiders Sound Off, Ariana Madix to Release New Cocktail Book Single AF Cocktails: Drinks for Bad B-tches, L.A. Galaxy Match, Dodgers Game and More Postponed as Hurricane Hilary Approaches Southern California, Ron Cephas Jones, Emmy-Winning This Is Us Actor, Dies at 66, Artists Behind 'The White Lotus,' 'The Last of Us' Opening Credits Reveal Hidden Easter Eggs. Rapino will also be getting a onetime $6 million signing bonus, and some time-based RSUs. Our Latest Podcast, Z-Trip: How Americas Best DJ Pushes the Boundaries of Creativity, Peanut Butter Wolf: After 20 Years, the Ringleader of Stones Throw Records Is Proud and Thankful, DJ Nu-Mark: The Producer With Two Turntables and a Drum Machine, Joe Karnes and Jeremy Ruzumna of Fitz and the Tantrums: Finding Your Style, Jack Wildchild Brown and Miles Brown: Funk, Family, and Creative Excellence, Canadian Music Week 2023: From the Latest In AI to Combating Streaming Manipulation and Fraud, A2IM IndieWeek 2023: Music Industry Leaders Talk AI, Sync, Music Marketing, and More, Exclusive: Second MediaMuv Scammer, Webster Batista Fernandez, Officially Sentenced for Role in $23 Million Scheme, Jungkook Beats BTS with More Monthly Spotify Listeners On the Strength of a Single Song, Kid Cudi Unlocks Pre-Orders for Upcoming Album Insano, Is Gucci Mane Signing Oliver Anthony? Live Nation CEO to Forgo $3 Million Base Salary, Execs Take Pay Cuts The pay bump, which includes a signing bonus and a performance bonus, comes amid a rocky time for the company. While Rapino's annual salary holds at his previous $3 million . Michael Rapino: Family Life Live Nation CEO Michael Rapino 's total compensation package rose to $139 million in 2022, up from $13.8 million the previous year. The news pushed the companys stock price to new heights, hitting $126 per share on Feb. 26, up 375% from April 2020 when the share price crashed to $33.57 a share. Part . 2023 Billboard Media, LLC. In December, just six weeks after Astroworld, rapper Drakeo the Ruler was murdered backstage at a Live Nation festival in L.A. While Rapino's annual salary holds at his previous $3 million . including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. This is 3% worse than the company average rating for salary and benefits. Momentum has picked up for all of our businesses over the course of the first quarter, and as a result, we delivered financial performance that greatly surpassed our previous expectations, Rapino said when announcing the results. CFO Joe Berchtoldalso saw his overall compensation jump to $52.4 million in 2022, up from $5 million the prior year. 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. We're continually striving towards this goal on all fronts to uplift people across race, ethnicity, gender, sexual orientation, disability, and other underrepresented groups. 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. By Thorough reviews have been conducted to assure this data accurately reflects disclosures. The Hollywood Reporter is a part of Penske Media Corporation. At the same time, concert attendance has been on the rise, as has the companys revenue. Have a confidential tip for our reporters? CEO pay continues to outpace the pay of working people across the country. Other compensation made up the difference. All Rights Reserved. and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). At Live Nation, we need to be as diverse as the fans and artists that we serve. Live Nation/Ticketmaster CEO Compensation Reaches $139MM

Job Fair - Fort Lauderdale, Red Eyes After Wearing Scleral Lenses, Articles L