Amid tense scrutiny over its ticketing practices, Reside Nation shareholders have voted no on the proposed $139 million pay package deal for CEO Michael Rapino.
Digital Music Information coated the small print of the compensation package deal in Might. Rapino has signed a brand new contract with Reside Nation to proceed as CEO by way of 2027—which got here with a $6 million signing bonus. His base wage is $3 million, bumped up from $2.1 million in 2021. He earned a $12 million money efficiency bonus for 2022 and inventory awards of $116 million for a complete compensation of round $139 million for 2022.
However a majority of Reside Nation shareholders have voted towards that compensation package deal for Rapino and different C-Suite execs for the corporate. Almost 54% of shareholders mentioned no and in a brand new proposal, a majority of shareholders voted to overview govt salaries yearly going ahead.
Govt compensation packages have typically been pushed by way of Reside Nation’s shareholder votes with little concern—so this reproach is notable. The Ticketmaster meltdown with Taylor Swift and the Congressional hearings seemingly haven’t pulled any favors with shareholders amongst present management.
Shareholder advisory teams Instutional Shareholder Companies and Glass Lewis each suggested Reside Nation shareholders to vote towards accepting these pay packages. Major considerations had been that the compensation packages weren’t totally disclosed, with Rapino’s precise compensation being larger. The $139 million package deal outpaced compensation for high execs at different main firms and was not aligned with long-term efficiency.
Had the compensation package deal been authorized by shareholders, it should make Michael Rapino one of many highest paid CEOs in 2022. Let’s take a peek.
Who’re the best paid executives in 2022?
- Sundar Pichai | Google ($225 million)
- Barry McCarthy | Peloton Interactive ($168 million)
- George Kurtz | CrowdStrike Holdings ($147 milion)
- Safra Catz | Oracle Company ($147.6 million)
- Douglas Ingram | Sarepta Therapeutics ($124.9 million)
- Michael Rapino | Reside Nation Leisure ($139 million)
- Tim Prepare dinner | Apple ($99 million)
Whereas the shareholders have voted towards the compensation package deal, it was a non-binding vote. Meaning it’s purely advisory and the Reside Nation board of administrators could have the final word say on whether or not Rapino will get that proposed $139 million package deal.