(RIAA non-profit IRS filing, fiscal period ending March 31, 2013)
You’ve probably never heard of the guy, and that’s exactly the point. Because the head of the Recording Industry Association of America (RIAA), Cary Sherman, quietly collected nearly $1.6 million in compensation last year despite a massive plunge in label contributions and huge layoffs at the organization.
The compensation details were published in the latest tax filing for the non-profit, which also revealed that Sherman and his spouse fly first class for anything business-related. Sherman’s contract also includes an exclusive, pricey gym membership. The RIAA spent $756,986 on travel alone during the latest fiscal period.
Meanwhile, over the past four years, contributions from major labels has dropped by more than 50%, thanks to continued slides in recorded music revenue.
Others commanding impressive salaries include Mitch Glazier ($715,958), Neil Turkewitz ($657,015), and Steve Marks ($649,018), with plenty of others enjoying deep six-figure salaries. Even the press guy, Jonathan Lamy, made $325,411, which is more than 3 times the salary paid to A2IM president Rich Bengloff (also according to IRS filings).
May 23, 2013: RIAA Chops Half Its Staff. CEO Gets a Raise to $1.5 Million.
The RIAA has also laid off more than 50% of its staff in recent years (the organization did not disclose its headcount for the latest year).