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March, 24th 2008

Exec signs on for five more years and gets promotion.
*Billboard Biz is reporting that the Warner Music Group has re-signed Lyor Cohen for a five-year contract, and promoted him to chairman and CEO of recorded music for North America from chairman and CEO of U.S. recorded music.
As part of his new contract, Cohen's annual salary goes from $1.5 million to $3 million. In addition, his bonus is to range from a minimum of $1.5 million to $5 million.
The contract also awards Cohen 1,500,000 stock options and 1,750,000 performance-based restricted shares of WMG's common stock, with the latter shares being tied to WMG share-price performance.
According to Billboard Biz, Cohen's contract stipulates that his stock options become fully vested if he is terminated due to a change in control of the company, and performance criteria are met.

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