A 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.
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. General counsel Michael Rowles will see his salary cut from $800,000 to $400,000 and chief financial officer Kathy Willard's salary was reduced from $950,000 to $475,000. that was set up for crewmembers who were impacted by tour cancellations amid the pandemic.
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