Live Nation CEO Michael Rapino will forgo most of his 2020 salary “in light of the evolving circumstances relating to the coronavirus,” the live events company said in an SEC filing Monday. The company’s executive officers voluntarily agreed to cut their pay by up to 50%.
The filing also said Live Nation in April agreed with its banks on a new $120 million revolving loan facility that could be boosted to $150 million by May 9. It would add to an outstanding $400 million revolver to give the company an additional cash cushion to weather the global pandemic, which has shuttered all live events and decimated Live Nation’s revenue.
Companies across media and entertainment, and other hard-hit sectors, are seeing executives slash compensation as operations are stalled and staff furloughed, and raise new cash through loans or sale of debt securities.
Rapino’s pay will go from $ million to zero; President Joe Berchtold, from $1.3 million to $650,000; chief accounting officer Brian Capo, from $363,500 to $272,625; General Counsel Michael Rowles, from $800,000 to $400,000; and CFO Kathy Willard, from $950,000 to $475,000.
“The reductions in salary are effective from April 16 “until such time as the compensation committee of the Company’s board of directors determines circumstances warrant restoring compensation to contractual levels,” the filing said.
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