LN: Hubbard’s Exit Official
The filing said Hubbard, who was Ticketmaster’s CEO until named president in a “retitling exercise” earlier in the year, entered into a separation agreement with Live Nation Aug. 13.
The agreement includes provisions for a severance payment equal to five months’ salary and all of his target bonus for the year, plus various stock provisions. The separation agreement includes “customary non-compete, confidentiality and non-solicitation covenants” and leaves a door open for Hubbard to provide consulting services for the company on an as-needed basis.
Hubbard headed up Ticketmaster from its 2010 merger with Live Nation, where he was CEO of the pre-TM ticketing division. He came to the company in 2006 when it acquired Musictoday, where Hubbard also served as CEO.
The filing included no details about Ticketmaster’s post-Hubbard executive ranks, leaving the industry to speculate about what changes – if any – are in the offing as Ticketmaster rolls out its vaunted new TM+ platform.
While Live Nation CEO Michael Rapino could consolidate the CEO position as a unified title, some observers have guessed that newly minted North American President Jared Smith could see an expanded role, as could Mark Yovich, Ticketmaster International president.
Smith, who previously served as the company’s chief operations officer, took the title in May and, at the time, Live Nation said he would oversee TM’s support, sales, distribution and marketing operations in North America in the then-new role.
“Jared continues to be a transformational leader in Ticketmaster’s evolution,” Rapino said upon the appointment. “His dedication to clients has consistently resulted in a greater than 100 percent net renewal rates and his innovative thinking has led to the creation of value-added services and products to better support them and the fans they serve.”