What do you buy the millionaire record company exec who already has everything this holiday season? Well how about Warner Music Group's American chairman and chief executive Lyor Cohen's former stock shares? With Mr. Cohen selling 23% of his stock in WMG, there are plenty of lovable stock options to choose from! 80,000 cuddly options, to be exact -- each going for $8.45 a share, equaling approximately $6.8 million total.
Cohen, the man behind Green Day and The Red Hot Chili Peppers, renewed his contract earlier this spring and will be earning something in the ballpark of $3 million a year, with potential bonus opportunities up to $5 million, until his contract comes again in 2013. His new contract also gives him 1.5 million mooooore stock options, in addition to the 2.6 million he decided to keep from this Monday's sale. Seemingly confident in WMG's progress, he stated that "this sale reflects nothing more than a normal need for liquid assets for personal expenses, as well as my financial adviser's recommendation that I diversify my portfolio for tax and estate planning." He also added that your credit score doesn't matter, as long as you have a job and $99 down -- THESE STOCKS MUST GO!
Warner shares were at an all-time low this January, but have improved by nearly 80% at this date. Concerns about company welfare seem to be easing up.
