WMG Reups Bronfman As Chairman/CEO
March 18, 2008 at 5:26 AM (PT)
EDGAR BRONFMAN JR. is set to lead WARNER MUSIC GROUP as Chairman/CEO for another five years. The news came in a Securities and Exchange Commission filing FRIDAY. BRONFMAN's base pay as $1 million annually, with a bonus potential of up to $6 million per year. Both figures are unchanged from his prior contract. He did not take a bonus last year.
On top of that, he gets 2.75 million stock options with an exercise price of $5.29, and another 2.75 million shares of performance-based restricted options -- worth as much as $55 million -- that hinge on the stock hitting targets for 60-day periods at levels of $10, $13, $17 and $20 per share.
Both sets of options vest at a rate of 20% annually.
The new contract, which run through MARCH 15th, 2013, also grants BRONFMAN 2.75 million stock options at FRIDAY's closing price of $5.29 a share.