Universal Music Group Extends CEO Lucian Grainge’s Contract Through 2028
www.imdb.com- Author: Caitlin Huston
- March 30,2023
Universal Music Group has extended the contract of its CEO and Chairman Sir Lucian Grainge until May 1, 2028.
As part of the extended agreement, Grainge will move from an all-cash compensation package to a combination of equity and cash, with the majority paid in Umg equity and Umg performance-based stock options. His annual salary will be cut to $5 million, a reduction of more than two-thirds of his currency salary.
However, Grainge will also be eligible for an annual bonus of $10 million and the equity portion of his compensation package includes annual grants of $20 million. He will also receive a one-time transition award of $100 million, with half coming from restricted stock units and the other half coming from performance stock options, which will be paid out if the company’s stock hits a certain threshold by the end of his employment agreement.
“Umg is the world´s most successful music company and
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As part of the extended agreement, Grainge will move from an all-cash compensation package to a combination of equity and cash, with the majority paid in Umg equity and Umg performance-based stock options. His annual salary will be cut to $5 million, a reduction of more than two-thirds of his currency salary.
However, Grainge will also be eligible for an annual bonus of $10 million and the equity portion of his compensation package includes annual grants of $20 million. He will also receive a one-time transition award of $100 million, with half coming from restricted stock units and the other half coming from performance stock options, which will be paid out if the company’s stock hits a certain threshold by the end of his employment agreement.
“Umg is the world´s most successful music company and
Click here to See Full article
