The events promoter also amended its credit agreement to get access to up to an additional $120 million to $150 million.
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.
Additionally, the company has amended its credit agreement to get access to up to an additional $120 million to $150 million as the concert industry has shuttered across the globe.
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.
President Joe Berchtold will see his base salary reduced from $1.3 million to $650,000, while chief accounting officer Brian Capo's salary will be reduced from $363,500 to $272,625.
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.
On March 31, Live Nation committed $10 million to a relief fund titled Crew Nation that was set up for crewmembers who were impacted by tour cancellations amid the pandemic.
"The live entertainment industry has delivered incredible global growth for over 20 years, which speaks to the great passion and resilience of fan demand,” stated Rapino on Monday. "With this additional liquidity, the flexibility in our debt covenants and cost-cutting efforts, we believe that Live Nation has the financial strength to weather this difficult time."
The exec added, "We will be ready to ramp back up quickly and once again connect audiences to artists at the concerts they are looking forward to."
