Live Nation Entertainment CEO Michael Rapino was paid 137% more last year than in 2009, according to a proxy statement filed with the SEC on Friday. The figures were first reported by the Wall Street Journal.
Rapino's total 2010 compensation was $15.9 million. His base salary was $1.97 million. On top of that he earned $1.78 million because the company achieved 89% of $438.6 adjusted operating income last year. He earned another cash bonus of $2 million because he met debt refinancing and merger synergies targets. (Live Nation merged with Ticketmaster in January 2010.) The remainder, roughly $7 million, was stock awards and option awards. Rapino's total compensation in 2009 was $6.68 million.
Executive chairman Irving Azoff earned $22.8 million in 2010. On top of a base salary was $1.86 million Azoff earned bonuses of $3 million, $462,035 in stock awards, $1,653,217 in option awards and $13.8 million in other compensation. The filing explains that a "significant" portion of his compensation relates to the merger and his ownership in management company Front Line.
Ticketmaster CEO Nathan Hubbard earned $5.7 million last year. His base salary was $626,000. In addition, he earned a total bonus of $637,875. The remainder of his compensation was stock awards and option awards.