Live Nation Inks CEO Michael Rapino to New Five-Year, Multi-Million-Dollar Deal
variety.comJem Aswad Senior Music EditorLive Nation has re-upped longtime CEO Michael Rapino to a new five-year contract that will see him earn $30 million year if he and the company meet performance metrics, according to documents filed with the SEC.While Rapino’s annual salary holds at his previous $3 million per year, the annual target cash bonus is climbing from $6 million to $17 million per year.
The news was first reported by the Hollywood Reporter.Starting next year, Rapino will also be eligible for an annual grant of restricted shares valued at no less than $10 million.
He also will receive a $6 million signing bonus, and several time-based RSUs. According to the documents, the performance RSUs will be based on Live Nation’s stock price.
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 Rapino’s strong leadership.That forward movement has paid off in 2022, as the company posted the best first quarter in its history, with revenue of $1.8 billion.
Read more on variety.com