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Execs Kathy Willard, Michael Rowles and newly appointed president Joe Berchtold have joined Michael Rapino in extending their Live Nation contracts through 2022
By Jon Chapple on 21 Dec 2017
Live Nation’s Joe Berchtold, Michael Rowles and Kathy Willard have followed CEO Michael Rapino in extending their contracts with the company until 2022.
Berchtold, formerly chief operating officer, becomes president – a role also held by president/CEO Rapino, who recently extended his tenure with Live Nation until 31 December 2022 – while Rowles and Willard remain in their current roles as executive vice-president, general counsel and secretary, and executive vice-president and chief financial officer, respectively.
As president, Berchtold will receive a base salary of $1.3m annually, along with a 200% performance bonus and a grant of 100,000 restricted shares and 300,000 performance-based shares.
Rowles, meanwhile, receives a base salary of $800,000, a 100% performance bonus and 25,000 restricted shares, while Willard receives a $950,000 base salary, a 100% performance bonus, 50,000 restricted shares and a grant of 50,000 options to purchase Live Nation common stock.
Live Nation’s share price currently stands at $43.37, after having broken the $40 mark for the first time in August
That compares to $9m per annum ($3m base salary + $6m in bonuses) and a grant of 289,505 shares in restricted Live Nation stock for Rapino.
Live Nation’s share price currently stands at $43.37, after having broken the $40 mark for the first time in August.
Live Nation Entertainment, now the world’s largest live entertainment company, continues to grow, both financially – it is on course for a seventh consecutive year of record growth, turning over $3.6bn in Q3 2017 – and in scope through buy-outs, joint ventures and partnerships: The company has made 17 acquisitions or equivalent in the past two years alone, the most recent being the Bank of New Hampshire Pavilion in Gilford, New England.
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