BEVERLY HILLS (CelebrityAccess) – On December 21, Live Nation Entertainment (LNE) extended the employment contracts for Chief Financial Officer (CFO) Joe Berchtold and Vice President (VP) General Counsel Michael Rowles for another five years.
Berchtold oversees the finances of the music industry giant and leads much of its performance improvement as well as strategic initiatives and functions. He’s been with the company since 2011 and was promoted to CFO in July 2021.
Rowles joined LNE in March 2006. Before that, he served as SVP, General Counsel and Secretary of Entravision Communications Corporation, a media company located in Santa Monica. In addition, Rowles was a major player in the Live Nation / Ticketmaster merger, a challenging transaction from a regulatory perspective.
Sec.Gov reports that under the “Berchtold Agreement,” the CFO will receive an annual salary of $2 million per year, with eligibility to receive annual salary increases and cash performance bonuses at the discretion of the Compensation Committee. He will also receive a cash signing bonus of $6 million, payable by December 30, 2022. The extension runs from January 1, 2023, until December 31, 2027.
Under the “Rowles Agreement,” the VP will receive an annual salary of $1.1 million per year with the same eligibilities as Berchtold. However, he did not receive a cash signing bonus. His extension also runs from January 1, 2023, until December 31, 2027.