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.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

If you liked this article you might like

Pandora Needs to Get Serious About a Sirius Investment

Pandora Just Crashed -- Here's What Happened

Charter Communications Recently Rebuffed Verizon's $100 Billion Takeover Bid

Pandora Shares Jump on Reports of Deal Talks With Sirius XM