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UMG Investors Urged to ‘Disapprove’ of Lucian Grainge’s 2023 Pay
UMG investors have been urged to disapprove of CEO Lucian Grainge's 2023 pay, which has been labeled "excessive" by advisory groups.
Rapino and Live Nation’s president/CFO Joe Berchtold, who earned $52.4 million in 2022, were the best paid music executives of that year, and the board of the world’s largest concert promotion and ticketing company said that pay reflected “strong leadership decisions” made during the pandemic that contributed to a record-breaking $16.7 billion in Live Nation revenue in 2022. Taking into account other short-term and long-term incentives and benefits, Grainge’s total 2023 compensation is 138,814,000 euros or $128,264,000 based on a monthly average foreign exchange rate of 0.924. UMG’s stock rose 17% in 2023, “which it believes is indicative of the success of its recent remuneration practices in incentivizing the creation of value,” according to the Glass Lewis report.
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