Warner Music CEO’s pay is cut

From Times Staff and Wire Reports

Warner Music Group Corp. cut Chief Executive Edgar Bronfman’s pay by 51% to $3.42 million in fiscal 2007, when the company lost $21 million.

Lyor Cohen, head of the U.S. recorded music division, was the highest-paid senior executive with total compensation of $4.57 million, the New York-based company said in a regulatory filing.

Bronfman received $7 million in salary and bonus in fiscal 2006. Warner Music shares have fallen 68% in the last year, hurt by the industrywide decline in sales. Warner, the only publicly traded stand-alone record company among the four largest, finished 2007 with a 20% share of U.S. album sales.