Companies Warner Music Group Corp.
Warner Music (WMG): executive pay, fiscal 2025
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CEO pay, last three years
- $20,426,385FY2023
- $18,632,606FY2024
- $15,909,250FY2025
CEO total pay was $15,909,250 in fiscal 2025, down from $18,632,606 in fiscal 2024.
FY2025: salary $2,000,000 · bonus $3,202,480 · stock awards $10,675,719 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Robert Kyncl | $2,000,000 | $3,202,480 | $10,675,719 | $0 | $0 | $0 | $31,051 | $15,909,250 |
| Chief Executive Officer | ||||||||
| Armin Zerza | 484,615 | 1,847,648 | 10,000,010 | 0 | 0 | 0 | 8,308 | 12,340,581 |
| Executive Vice President and Chief Financial Officer | ||||||||
| Guy Moot | 2,187,500 | 2,287,500 | 1,510,705 | 0 | 0 | 0 | 18,216 | 6,003,921 |
| Co-Chair and Chief Executive Officer, Warner Chappell Music | ||||||||
| Carianne Marshall | 1,562,500 | 2,287,500 | 1,510,705 | 0 | 0 | 0 | 11,750 | 5,372,455 |
| Co-Chair and Chief Operating Officer, Warner Chappell Music | ||||||||
| Carletta Higginson | 1,137,500 | 1,982,399 | 1,655,196 | 0 | 0 | 0 | 7,875 | 4,782,970 |
| Executive Vice President and Chief Digital Officer | ||||||||
| Bryan Castellani | 1,100,000 | 1,119,243 | 2,384,104 | 0 | 0 | 0 | 93,466 | 4,696,813 |
| Former Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Robert Kyncl | $15,909,250 | $18,632,606 | $20,426,385 | ↓ −2,723,356 |
| Armin Zerza | 12,340,581 | — | — | — |
| Guy Moot | 6,003,921 | 6,118,839 | 4,922,006 | ↓ −114,918 |
| Carianne Marshall | 5,372,455 | 5,492,073 | 4,409,709 | ↓ −119,618 |
| Carletta Higginson | 4,782,970 | — | — | — |
| Bryan Castellani | 4,696,813 | 5,893,705 | — | ↓ −1,196,892 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
We design our executive compensation programs to attract talented executives to join the Company and to motivate them to position us for long-term success, achieve superior operating results and increase stockholder value
| CEO STI target (% of salary) | 150% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Frederic W. Cook & Co. |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Carianne Marshall | RSU | 2025-01-04 | — | — | 48,701 | — | $1,510,705 |
| Armin Zerza | RSU | 2025-05-12 | — | — | 218,341 | — | 6,000,010 |
| Bryan Castellani | RSU | 2025-01-04 | — | — | 76,857 | — | 2,384,104 |
| Robert Kyncl | RSU | 2025-01-04 | — | — | 344,156 | — | 10,675,719 |
| Carletta Higginson | RSU | 2025-01-04 | — | — | 53,359 | — | 1,655,196 |
| Guy Moot | RSU | 2025-01-04 | — | — | 48,701 | — | 1,510,705 |
| Armin Zerza | OPTION | 2025-05-12 | — | — | 471,698 | — | 4,000,000 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Carianne Marshall | $1,510,705 | $0 | $0 | 0.0% |
| Armin Zerza | 6,000,010 | 0 | 4,000,000 | 0.0% |
| Bryan Castellani | 2,384,104 | 0 | 0 | 0.0% |
| Robert Kyncl | 10,675,719 | 0 | 0 | 0.0% |
| Carletta Higginson | 1,655,196 | 0 | 0 | 0.0% |
| Guy Moot | 1,510,705 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Carianne Marshall | RSU | 11,843 | — | $403,373 |
| Guy Moot | RSU | 11,843 | — | 403,373 |
| Carianne Marshall | RSU | 21,834 | — | 743,666 |
| Guy Moot | RSU | 21,834 | — | 743,666 |
| Bryan Castellani | RSU | 33,411 | — | 1,137,979 |
| Carletta Higginson | RSU | 34,970 | — | 1,191,078 |
| Carianne Marshall | RSU | 34,970 | — | 1,191,078 |
| Guy Moot | RSU | 34,970 | — | 1,191,078 |
| Carianne Marshall | RSU | 48,701 | — | 1,658,756 |
| Guy Moot | RSU | 48,701 | — | 1,658,756 |
| Bryan Castellani | RSU | 51,290 | — | 1,746,937 |
| Carletta Higginson | RSU | 53,359 | — | 1,817,408 |
| Bryan Castellani | RSU | 76,857 | — | 2,617,749 |
| Robert Kyncl | PSU | 155,424 | — | 5,293,752 |
| Armin Zerza | RSU | 218,341 | — | 7,436,694 |
| Robert Kyncl | RSU | 344,156 | — | 11,721,953 |
| Armin Zerza | Option | 471,698 | 27.48 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Michael LyntonNot independent · Board Chair · Executive (Chair) · Finance | $165,000 | $260,617 | $0 | $0 | $0 | $425,617 |
| Nancy DubucIndependent · Audit (Chair) · Executive | 120,000 | 178,874 | 0 | 0 | 0 | 298,874 |
| Noreena HertzIndependent · Audit · Nominating and Corporate Governance | 110,000 | 178,874 | 0 | 0 | 0 | 288,874 |
| Ynon KreizIndependent · Nominating and Corporate Governance | 110,000 | 178,874 | 0 | 0 | 0 | 288,874 |
| Ceci KurzmanIndependent · Audit · Compensation · Nominating and Corporate Governance | 110,000 | 178,874 | 0 | 0 | 0 | 288,874 |
| Mathias DöpfnerIndependent · Compensation | 105,000 | 178,874 | 0 | 0 | 0 | 283,874 |
| Len BlavatnikNot independent · Executive | 0 | 0 | 0 | 0 | 0 | 0 |
| Donald A. WagnerIndependent · Executive · Finance (Chair) · Nominating and Corporate Governance | 0 | 0 | 0 | 0 | 0 | 0 |
| Lincoln BenetIndependent · Compensation (Chair) · Executive · Nominating and Corporate Governance (Chair) | 0 | 0 | 0 | 0 | 0 | 0 |
| Robert KynclEmployee director · Finance | 0 | 0 | 0 | 0 | 0 | 0 |
| Valentin BlavatnikNot independent · Compensation · Executive | 0 | 0 | 0 | 0 | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $175,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 15,000 / 15,000 |
| Stock ownership guideline | $4 |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $720,000 |
| Equity awards (grant-date value) | $1,154,987 |
| All other compensation | $0 |
| Total cost of the board | $1,874,987 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Warner Music as a peer
Companies that benchmark against WMG
7 companies name WMG as a compensation peer
The list of companies that name WMG as a peer is temporarily unavailable — recheck shortly.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Warner Music Group Corp. | 2025 | Robert Kyncl | $2,000,000 | $10,675,719 | $0 | $0 | $15,909,250 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2024 | 2024-03-05 | 7,617,925,252 | 23,598,744 | 4,058,142 | 99.69% | Passed |
| 2021 | 2021-03-02 | 8,131,475,684 | 2,024,353 | 1,179,820 | 99.98% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2024 | 2024-03-05 | 99.69%a |
| 2021 | 2021-03-02 | 99.98%b |
a. Approved under the standard stated in the filing — “Effect of Abstentions: No effect.”.
b. Approved under the standard stated in the filing — “Effect of Abstentions: No effect.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 191 : 1 |
|---|---|
| CEO total compensation | $15,909,250 |
| Median employee compensation | $83,212 |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Hannah Jasmine Karp | EVP, Chief Comm. Officer | 2026-02-12 | A | 19,225 | $0 | $0 | Common | Form 4 ↗ |
| Ceci Kurzman | Director | 2026-03-04 | A | 6,186 | 0 | 0 | Common | Form 4 ↗ |
| Nancy Dubuc | Director | 2026-03-04 | A | 6,186 | 0 | 0 | Common | Form 4 ↗ |
| Ynon Kreiz | Director | 2026-03-04 | A | 6,186 | 0 | 0 | Common | Form 4 ↗ |
| Mathias Dopfner | Director | 2026-03-04 | D | 1,629 | 28 | 46,084 | Common | Form 4 ↗ |
| Noreena Hertz | Director | 2026-03-04 | D | 1,629 | 28 | 46,084 | Common | Form 4 ↗ |
| Michael Lynton | Director | 2026-03-04 | A | 9,014 | 0 | 0 | Common | Form 4 ↗ |
| Mathias Dopfner | Director | 2026-03-04 | A | 6,186 | 0 | 0 | Common | Form 4 ↗ |
| Noreena Hertz | Director | 2026-03-04 | A | 6,186 | 0 | 0 | Common | Form 4 ↗ |
| Valentin Blavatnik | Director | 2026-04-16 | A | 280,000 | — | — | Derivative, Class A Common | Form 4 ↗ |
| AI Entertainment Holdings LLC | Greater-than-10% holder | 2026-04-16 | D | 280,000 | — | — | Derivative, Class A Common | Form 4 ↗ |
| Armin Zerza | COO & CFO | 2026-05-12 | D | 27,064 | 34 | 909,350 | Common | Form 4 ↗ |
| Armin Zerza | COO & CFO | 2026-05-12 | A | 209,132 | 0 | 0 | Common | Form 4 ↗ |
| Armin Zerza | COO & CFO | 2026-05-21 | D | 27,521 | 0 | 0 | Common | Form 4 ↗ |
| Ceci Kurzman | Director | 2026-06-02 | A | 38 | 0 | 0 | Common | Form 4 ↗ |
| Mathias Dopfner | Director | 2026-06-02 | A | 38 | 0 | 0 | Common | Form 4 ↗ |
| Noreena Hertz | Director | 2026-06-02 | A | 38 | 0 | 0 | Common | Form 4 ↗ |
| Ynon Kreiz | Director | 2026-06-02 | A | 38 | 0 | 0 | Common | Form 4 ↗ |
| Michael Lynton | Director | 2026-06-02 | A | 56 | 0 | 0 | Common | Form 4 ↗ |
| Nancy Dubuc | Director | 2026-06-02 | A | 38 | 0 | 0 | Common | Form 4 ↗ |
| Noreena Hertz | Director | 2026-09-01 | A | 45 | 0 | 0 | Common | Form 4 ↗ |
| Michael Lynton | Director | 2026-09-01 | A | 122 | 0 | 0 | Common | Form 4 ↗ |
| Ceci Kurzman | Director | 2026-09-01 | A | 84 | 0 | 0 | Common | Form 4 ↗ |
| Mathias Dopfner | Director | 2026-09-01 | A | 45 | 0 | 0 | Common | Form 4 ↗ |
| Ynon Kreiz | Director | 2026-09-01 | A | 45 | 0 | 0 | Common | Form 4 ↗ |
| Nancy Dubuc | Director | 2026-09-01 | A | 45 | 0 | 0 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (57 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Robert Kyncl. DEF 14A, filed 2026-01-20. Section “Summary Compensation Table” · page 28. As printed: 15,909,250. View filing ↗
- Section 01, Armin Zerza. DEF 14A, filed 2026-01-20. Section “Summary Compensation Table”. As printed: 12,340,581. View filing ↗
- Section 01, Guy Moot. DEF 14A, filed 2026-01-20. Section “Summary Compensation Table”. As printed: 6,003,921. View filing ↗
- Section 01, Carianne Marshall. DEF 14A, filed 2026-01-20. Section “Summary Compensation Table”. As printed: 5,372,455. View filing ↗
- Section 01, Carletta Higginson. DEF 14A, filed 2026-01-20. Section “Summary Compensation Table”. As printed: 4,782,970. View filing ↗
- Section 01, Bryan Castellani. DEF 14A, filed 2026-01-20. Section “Summary Compensation Table”. As printed: 4,696,813. View filing ↗
- Section 03, Carianne Marshall RSU. DEF 14A, filed 2026-01-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Armin Zerza RSU. DEF 14A, filed 2026-01-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Bryan Castellani RSU. DEF 14A, filed 2026-01-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Robert Kyncl RSU. DEF 14A, filed 2026-01-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Carletta Higginson RSU. DEF 14A, filed 2026-01-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Guy Moot RSU. DEF 14A, filed 2026-01-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Armin Zerza OPTION. DEF 14A, filed 2026-01-20. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-01-20. Section “CEO Pay Ratio”. As printed: 191 : 1. View filing ↗
- Section 08, Michael Lynton. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 425,617. View filing ↗
- Section 08, Nancy Dubuc. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 298,874. View filing ↗
- Section 08, Noreena Hertz. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 288,874. View filing ↗
- Section 08, Ynon Kreiz. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 288,874. View filing ↗
- Section 08, Ceci Kurzman. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 288,874. View filing ↗
- Section 08, Mathias Döpfner. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 283,874. View filing ↗
- Section 08, Len Blavatnik. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Donald A. Wagner. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Lincoln Benet. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Robert Kyncl. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Valentin Blavatnik. DEF 14A, filed 2026-01-20. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Hannah Jasmine Karp 2026-02-12. Form 4, filed 2026-02-13. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Ceci Kurzman 2026-03-04. Form 4, filed 2026-03-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Nancy Dubuc 2026-03-04. Form 4, filed 2026-03-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Ynon Kreiz 2026-03-04. Form 4, filed 2026-03-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Mathias Dopfner 2026-03-04. Form 4, filed 2026-03-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Noreena Hertz 2026-03-04. Form 4, filed 2026-03-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Michael Lynton 2026-03-04. Form 4, filed 2026-03-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Mathias Dopfner 2026-03-04. Form 4, filed 2026-03-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Noreena Hertz 2026-03-04. Form 4, filed 2026-03-06. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Valentin Blavatnik 2026-04-16. Form 4, filed 2026-04-20. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, AI Entertainment Holdings LLC 2026-04-16. Form 4, filed 2026-04-20. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Armin Zerza 2026-05-12. Form 4, filed 2026-05-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Armin Zerza 2026-05-12. Form 4, filed 2026-05-18. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Armin Zerza 2026-05-21. Form 4, filed 2026-05-26. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Ceci Kurzman 2026-06-02. Form 4, filed 2026-06-04. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Mathias Dopfner 2026-06-02. Form 4, filed 2026-06-04. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Noreena Hertz 2026-06-02. Form 4, filed 2026-06-04. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Ynon Kreiz 2026-06-02. Form 4, filed 2026-06-04. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Michael Lynton 2026-06-02. Form 4, filed 2026-06-04. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Nancy Dubuc 2026-06-02. Form 4, filed 2026-06-04. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Noreena Hertz 2026-09-01. Form 4, filed 2026-09-03. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Michael Lynton 2026-09-01. Form 4, filed 2026-09-03. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Ceci Kurzman 2026-09-01. Form 4, filed 2026-09-03. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Mathias Dopfner 2026-09-01. Form 4, filed 2026-09-03. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Ynon Kreiz 2026-09-01. Form 4, filed 2026-09-03. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Nancy Dubuc 2026-09-01. Form 4, filed 2026-09-03. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-03-08. Item 5.07 · say-on-pay result. As reported: 99.69% (votes for as printed: 7,617,925,252). View filing ↗
- Section 06, 2021 vote. Form 8-K, filed 2021-03-03. Item 5.07 · say-on-pay result. As reported: 99.98%. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 720,000 + equity 1,154,987 + all other 0 = 1,874,987, summed across the director compensation table rows.
- Warner Music Group Corp. (subject), Section 10b CEO total. DEF 14A, filed 2026-01-20. CEO total compensation as printed in Warner Music Group Corp.'s own proxy. As printed: 15,909,250. View filing ↗