It seems Michael Rapino’s $139 million pay package deal is costing Dwell Nation in additional methods than one, because the promoter now has the doubtful distinction of shelling out the biggest CEO paycheck and having the largest wage hole of 100 S&P 500 firms analyzed in a brand new examine.
The stunning stats got here to gentle within the Institute for Coverage Research’ just-published twenty ninth annual “Govt Extra” report. An in-depth take a look at the 100 S&P 500 firms with “the bottom median employee pay ranges in 2022,” the great useful resource notes off the bat that the typical hole between the CEO earnings of “Low-Wage 100” firms and their imply median worker pay was 603 to 1 throughout 2022.
Although sizable to say the least, the ratio is much smaller than that which the examine connected to the 2022 windfall loved by Rapino, who’s mentioned to have pocketed an astonishing 5,414 occasions greater than Dwell Nation’s median earnings of $25,673.
For added reference, this ratio, moreover topping the typical by an enormous margin, surpassed these of well-known firms like Walmart (a 933 CEO-to-worker pay ratio for 2022), McDonald’s (1,224), Coca-Cola (1,883), and Greenback Tree (951), the evaluation reveals.
Digital Music Information beforehand lined Rapino’s astronomical compensation package deal, which beat that of different execs together with Apple’s Tim Prepare dinner ($99 million). Furthermore, 54 % of Dwell Nation shareholders rejected the substantial 2022 payday in a non-binding vote; the Beverly Hills-based enterprise’s board of administrators has the ultimate say on the matter, nevertheless.
Additionally value noting is that the Ticketmaster mum or dad has taken “nice pains” to downplay the hole between Rapino’s pay and median earnings, per the Institute for Coverage Research.
“In its proxy assertion,” the group’s report reads partially, “the corporate takes nice pains to level out that when you nix the CEO’s $109 million inventory grant and the entire firm’s primarily part-time workers from the calculation, the Dwell Nation pay ratio could be merely 353 to 1.”
However its less-than-ideal positioning throughout the 2023 Govt Extra report, Dwell Nation is hardly the one music business firm with vastly overpaid higher-ups. To make certain, after pulling in a reported $201 million when Common Music Group listed on the general public market in 2021, CEO Lucian Grainge in Might gained shareholder approval of a $150 million pay bonanza for 2022.
Extra just lately, Spotify head Daniel Ek about one month again went forward and dumped roughly $100 million value of inventory within the music streaming big, which has benefited from a per-share value rebound of roughly 72 % since 2023’s starting. Might of 2022 had seen the Stockholm native disclose a $50 million SPOT funding when shares have been hovering round what was on the time a report low.