Live Nation CEO to Forgo $3 Million Base Salary, Execs Take Pay Cuts
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hollywoodreporter.comA month after suspending all tours amid the novel coronavirus pandemic, Live Nation's CEO will be forgoing his annual base salary and other executives will be taking pay cuts, the events promoter disclosed.
Additionally, the company has amended its credit agreement to get access to up to an additional $120 million to $150 million as the concert industry has shuttered across the globe.
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.
President Joe Berchtold will see his base salary reduced from $1.3 million to $650,000, while chief accounting officer Brian Capo's salary will be reduced from $363,500 to $272,625..
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