Live Nation did not name a chairman to replace Azoff.
A securities filing Monday said that as part of stepping down, Azoff will be paid $3.5 million in bonuses and another $8.2 million to settle a note he held as part of his Front Line sale. Also Azoff will benefit from accelerated vesting of about 2 million shares and 664,000 options.
As of a week ago, Azoff had more than 3 million shares, which means that even after his share sale, he'll still have a stake in the company. He'll also continue to lease space in a company office building, the filing said.