Live Nation Entertainment President and Chief Financial Officer Joe Berchtold saw his contract with the company extended for five years, an extension that will pay him a salary of $2 million annually, as well as a $6 million lump-sum bonus. The contract extension, announced in December, went live on January 1 and runs through the end of 2027.
Considered Live Nation CEO Michael Rapino’s right-hand man, Joe Berchtold has been working at the company since 2011, and he became CFO in July 2021. The newly extended contract, the Berchtold Agreement, also makes him eligible to receive annual salary increases at the discretion of the Compensation Committee.
Another extension includes Live Nation Entertainment’s Executive Vice President and General Counsel Michael Rowles. Rowles’ extension runs from January 1, 2023, until December 31, 2027, too. Under the “Rowles Agreement,” Michael Rowles will receive an annual salary of 1.1 million dollars per year with the same eligibilities as Berchtold, but his agreement does not have the cash bonus article.
Both Berchtold and Rowles will receive lump sum payments of double their annual salary and immediate vesting of all stock options should they be terminated without cause prior to the expiration of their contracts.
