LOS ANGELES (CelebrityAccess) — On Wednesday, Live Nation revealed that they have extended their current contract with the company’s President and Chief Executive Officer, Michael Rapino, that will see him continue to lead the company through the end of 2027.
According to an SEC filing, Mr. Rapino will receive a base salary of $3,000,000, and starting in 2023, he will be eligible for annual cash performance bonus based on certain metrics related to Live Nation’s operating income.
Per the filing, 90% of Mr. Rapino’s compensation will come from the performance-based bonuses, while ten percent will be derived from his guaranteed salary.
The new deal also includes a generous dollop of stock grants, including a grant of 333,751 restricted shares on July 1st.
A native of Thunder Bay, Ontario, Michael Rapino began his career as a sales representative for Labatt Breweries and served in several key marketing roles for the company. After a decade at Labatt’s, he launched his own entertainment company, Core Audience Entertainment, which was later acquired by SFX Entertainment as part of Robert Sillerman’s roll-up of the North American concert industry, which he ultimately sold to the radio conglomerate Clear Channel.
Following the acquisition, Rapino served as CEO of Clear Channel Entertainment and continued in a that leadership role when the company was spun off as Live Nation in 2006.
