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Live Nation CEO to Forego Salary as Company Taps Cost-Cutting Measures
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billboard.com"We believe that Live Nation has the financial strength to weather this difficult time," said president/CEO Michael Rapino. With the live events industry facing an uncertain future, Live Nation president/CEO Michael Rapino will forego his salary, part of a variety of cost-cutting measures the events promoter is implementing to save $500 million by the end of 2020.
Live Nation will cut salaries for senior executives by up to 50%. Rapino's pay will go from $3 million to zero, president Joe Berchtold's from $1.3 million to $650,000; chief accounting officer Brian Capo's from $363,500 to $272,625; general counsel Michael Rowles' from $800,000 to $400,000; and CFO Kathy Willard's from $950,000 to $475,000, according to the company's 8K filing
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