"We believe that Live Nation has the financial strength to weather this difficult time," said president/CEO Michael Rapino.
With the live events industry facing an uncertain future, Live Nation president/CEO Michael Rapino will forego his salary, part of a variety of cost-cutting measures the events promoter is implementing to save $500 million by the end of 2020.
Live Nation will cut salaries for senior executives by up to 50%. Rapino's pay will go from $3 million to zero, president Joe Berchtold's from $1.3 million to $650,000; chief accounting officer Brian Capo's from $363,500 to $272,625; general counsel Michael Rowles' from $800,000 to $400,000; and CFO Kathy Willard's from $950,000 to $475,000, according to the company's 8K filing with the Securities and Exchange Commission today (April 13).
The concerts giant will also reduce its use of contractors and implement hiring freezes, rent re-negotiations, furloughs, and reduce or eliminate other discretionary spending on things like travel, entertainment, repairs and maintenance and marketing. Finally, it will reduce advances in both its ticketing and concert businesses, and re-assess all capital expenditure projects.