Warner Music Group’s newly named CEO Robert Kyncl will earn roughly $15 million, relying on assembly efficiency targets, in his first 12 months on the job, in response to an organization SEC submitting. That’s lower than Lucian Grainge, CEO of the bigger Common Music Group, however greater than most chief executives at publicly traded music corporations.
Kyncl will share chief govt duties with outgoing CEO Stephen Cooper in January 2023 and can change into sole CEO on Feb. 1, the SEC submitting exhibits. Kyncl, named as Cooper’s alternative on Sept. 21, can even change into a director of the corporate.
Kyncl, previously the chief enterprise officer at YouTube and an govt at Netflix, will obtain a base wage of $2 million, a goal performance-based bonus of $3 million and an annual grant of efficiency share items with an combination, pre-tax worth of $10 million (the primary grant might be in January 2023). He might be reimbursed for bills as much as $500,000 for relocating from Los Angeles to the New York metropolitan space. Kyncl’s employment settlement has an indefinite time period and consists of non-competition and non-solicitation covenants relevant throughout and for one 12 months following his employment.
With goal annual compensation valued at $15 million — topic to Kyncl and WMG hitting efficiency metrics — Kyncl’s goal compensation is lower than Cooper’s $17 million ($3 million base wage, $7 million goal annual bonus and $7 million in annual grant of $7 million value of restricted inventory items, in response to WMG’s Jan. 19, 2022 definitive proxy assertion) however not by a lot. Common Music’s Grainge earned $48.4 million in 2021 (excluding one-time bonuses paid by UMG’s former proprietor, Vivendi) and topped Billboard‘s inaugural listing of most-compensated executives at public music corporations. Kyncl’s compensation is extra just like the $13.8 million Dwell Nation CEO Michael Rapino’s earned in 2021.
On Jan. 31, Cooper will resign from WMG and from the board of administrators. He’ll present consulting providers to WMG via Jan. 31, 2024 at his present base wage of $3 million. As well as, Cooper will obtain fairness awards in WMG’s 2023 and 2024 fiscal years with a grant date worth of $7 million.
Cooper grew to become WMG’s CEO in 2011 following its acquisition by Entry Industries for $3.3 billion. He led the corporate to a profitable IPO in 2020 that valued the corporate at $12.75 billion.
