Kyncl, formerly the chief business officer at YouTube and an executive at Netflix, will receive a base salary of $2 million, a target performance-based bonus of $3 million and an annual grant of performance share units with an aggregate, pre-tax value of $10 million . He will be reimbursed for expenses up to $500,000 for relocating from Los Angeles to the New York metropolitan area.
With target annual compensation valued at $15 million — subject to Kyncl and WMG hitting performance metrics — Kyncl’s target compensation is less than Cooper’s $17 million but not by much. Universal Music’s Grainge earned $48.4 million in 2021 and toppedof most-compensated executives at public music companies. Kyncl’s compensation is more similar to the $13.8 million Live Nation CEO Michael Rapino’s earned in 2021.
On Jan. 31, Cooper will resign from WMG and from the board of directors. He will provide consulting services to WMG through Jan. 31, 2024 at his current base salary of $3 million. In addition, Cooper will receive equity awards in WMG’s 2023 and 2024 fiscal years with a grant date value of $7 million.
Cooper became WMG’s CEO in 2011 following its acquisition by Access Industries for $3.3 billion. He led the company to a successful IPO in 2020 that valued the company at $12.75 billion.
Source: Entertainment Trends (entertainmenttrends.net)
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