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# As WMG Renews CEO’s Contract, Hypebot Issues $1 Challenge.
- URL: https://www.hypebot.com/as-wmg-renews-c/
- Published: 2008-03-18T06:56:23.000Z
- Updated: 2008-03-18T06:56:23.000Z
- Description: WMG RENEWS BRONFMAN THRU 2013 An SEC filing yesterday revealed that WMG has extend CEO Edgar Bronfman Jr.’s contract thru March 2013. His annual base salary is l"at least $1,000,000,. Continue reading [https://www.hypebot.com/hypebot/2008/03/as-wmg-renews-c.html]
- Author: Bruce Houghton
- Tags: Major Labels, #wp, #wp-post, #Import 2026-01-21 11:06

**WMG RENEWS BRONFMAN THRU 2013**

[![Edgar_bronfman_sims_2](https://hypebot.typepad.com/hypebot/images/2008/03/18/edgar_bronfman_sims_2.jpg "Edgar_bronfman_sims_2")](http://hypebot.typepad.com/.shared/image.html?/photos/uncategorized/2008/03/18/edgar%5Fbronfman%5Fsims%5F2.jpg&ref=hypebot.com)

  
An SEC filing yesterday revealed that WMG has extend CEO Edgar Bronfman Jr.’s contract thru March 2013\. His annual base salary is l"at least $1,000,000, subject to discretionary increases (and) a target bonus of 300% of base salary, with…a maximum of 600%." He also get 2,750,000 stock options and 2,750,000 performance-based restricted shares at the current $5.29 price.

Total compensation over 5 years should range from $5 million to as much as $35 million plus more than $30 million in options. Based on previous awards and targets, $15-$20 million over 5 years appears likely.  
  
**$15-$20 MILLION FOR WHAT?**

Perhaps it takes multi-million dollar contracts to retain top executives. But don’t those executives have a responsibility to make shareholders money and lead the company forward?

[![Lyor_cohen](https://hypebot.typepad.com/hypebot/images/2008/03/18/lyor_cohen.jpg "Lyor_cohen")](http://hypebot.typepad.com/.shared/image.html?/photos/uncategorized/2008/03/18/lyor%5Fcohen.jpg&ref=hypebot.com)

  
Bronfman runs a faltering company in a battered industry. Under his leadership WMG has failed to be at the forefront of a single major industry initiative to reverse that trend. WMG was next to last on DRM-free, conceded the Madonna 360 battle to Live Nation and continues to rely on the leadership of last generation execs like [Lyor Cohen](http://en.wikipedia.org/wiki/Lyor%5FCohen?ref=hypebot.com). BullDog, Bronfman’s failed foray into high end concerts [lost](http://www.tmcnet.com/usubmit/2008/02/07/3256806.htm?ref=hypebot.com) $18 million in a single year.

**A $1 CHALLENGE TO LABEL EXECS**

[![One_dollar_bill](https://hypebot.typepad.com/hypebot/images/2008/03/18/one_dollar_bill.jpg "One_dollar_bill")](http://hypebot.typepad.com/.shared/image.html?/photos/uncategorized/2008/03/18/one%5Fdollar%5Fbill.jpg&ref=hypebot.com)

  
Apple’s Steve Jobs works for a base pay of just $1 per year. But stock options and bonuses awarded when the company soared have made him a very rich man.

Label executives are fond of telling us "its all about the music". It’s time they put their money where their mouths are.

I challenge Edgar Bronfman (whose family and previous deals have assured his personal fortune) and other major label execs to follow Steve Jobs’ example and re-set your base pay at $1\. Come on Lyor, Doug and Jimmy. Come on Rick, Roger, Jason and a dozen more. You’ve made millions from music. Now give something back. I’ll even pay the dollar.