Live Nation CEO Michael Rapino Foregoes Pay, Execs Take Cuts, Company Sets New Loan For Up To $150M

Dwell Nation CEO Michael Rapino will forego most of his 2020 wage “in mild of the evolving circumstances realting to the coronavirus,” the stay occasions firm stated in an SEC submitting Monday. The corporate’s government officers voluntarily agreed to chop their pay by as much as 50%.

The submitting additionally stated Dwell Nation on April agreed with its banks on a brand new $120 million revolving mortgage facility that might be boosted to $150 million by Could 9. It will add to an impressive $400 million revolver to offer the corporate and extra money cushion to climate the worldwide pandemic, which has shutted all stay occasions and decimated Dwell Nation’s income.oring compensation to contractual ranges.

Firm throughout media and leisure, and different laborious hit sectors, are seeing executives slash compensation as operations are stalled and workers furloughed, and lift new case by way of loans or sale of debt securities.

Rapino’s pay will go from $3,000,000 to zero; President Joe Berchtold, from $1.Three million to $650,000; chief accounting officer Brian Capo, from $363,500 to $272,625; Basic Counsel Michael Rowles, from $800,000 to $400,000; and CFO Kathy Willard, from $950,000 to $475,000.

“The reductions in wage are efficient from April 16 “till such time because the compensation committee of the Firm’s board of administrators determines circumstances warrant restoring compensation to contractual ranges,” he submitting stated.

About The Authors

Hilda Workman- Hilda Workman is a licensed financial advisor with years of expertise in the industry. She has assisted a range of clients, from sole proprietors to large corporations, in reaching their financial objectives. She is informed about many different financial subjects, including tax preparation, investment planning and also in fashion. She believes that the best things are those that are imperfect.