Lyor Cohen
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In a recent filing with the SEC, Warner Music Group revealed that it has re-signed Lyor Cohen for five more years, and given him a promotion to Chairman/CEO of North America for WMG. Cohen also received a bump in his pay, with a base salary doubling from $1.5 million to $3 million, with a maximum bonus of $5 million and a minimum of $1.5 million. Cohen would also now receive $8.5 million if he was terminated.Cohen's new contract also gives him 1,500,000 stock options and 1,750,000 performance-based restricted shares of WMG common stock.
Analyst Richard Greenfield of Pali Research questions Cohen's new contract in light of WMG stock falling in price over the past year. According to Barron's, Greenfield asks "Where is the corporate governance?" and suggests that stockholders complain to WMG's board of directors.
