The business world has been rocked by the recent wave of high-profile CEO resignations. Though no official connection has been made between these exits and the bombshell investigation and subsequent arrest of Sean “Diddy” Combs, but the vacant postions are now leaving multimillions posts up for grabs.
On March 25, Homeland Security Investigations serves search warrants in early morning raids on Combs’ homes in Los Angeles and Miami. The investigation was now in high gear, though it reportedly started well before Diddy’s former artist and girlfriend Cassie Venture filed a lawsuit alleging sexual abuse in November–which he settled a day after it was filed.
Diddy was arrested Sept. 16.
Combs was charged with racketeering, sex trafficking, and other serious allegations tied to his infamous “Freak Off” parties, which allegedly involved coerced sexual activities and illegal drugs. As the social media rumor mill gets churning up with speculation about who else could be implicated, several top executives have quietly stepped down from their coveted posts, Distractify noted.
In fact, CEO overall exits are up 50% from same period last year, according to the outplacement firm Challenger, Gray & Christmas.
There is no confirmation that these CEO departures are linked to Diddy’s scandal, and the CEOs’ departure could more likely be linked to the upcoming end of the fourth fiscal quarter (Sept. 30). Let’s take a look at some of the major names who have resigned and their massive salaries.
Kevin Liles – Warner Music’s 300 Elektra Entertainment
Kevin Liles, a prominent figure in the music industry, announced his resignation on Sept. 17 (taking affect Sept. 30) as CEO and chairman of Warner Music’s 300 Elektra Entertainment. Liles co-founded 300 Entertainment, a label home to major artists like Megan Thee Stallion and Young Thug. With his long history at Warner Music and his ties to Diddy’s Bad Boy Records, Liles’ exit comes at a curious time. Liles was the chairman and CEO of Warner Music’s 300 Elektra Entertainment, which was previously home to Bad Boy Records.
According to reports, Liles won’t be replaced.
Estimated Salary: Liles’ deal in 2022 to sell 300 Entertainment to Warner was valued at around $400 million, Variety reported. His personal earnings have not been fully disclosed, but his net worth is estimated at around $60 million, according to Celebrity Net Worth.
John Donahoe – Nike Inc.
John Donahoe, the CEO of Nike, is stepping down–though some reports say he was ousted– from his role Oct. 13. The announcement as made Sept. 19. Donahoe led Nike for nearly five years and navigated the company through pandemic-related disruptions. But many analysts had long questioned his fit for the role, noting his strengths in tech and e-commerce over innovation and product development, Forbes reported.
Compensation: During his time at Nike, Donahoe earned nearly $104 million in pay and benefits, Bloomberg reported.
Kaz Kobayashi – Warner Music Japan
Kaz Kobayashi, the president and CEO of Warner Music Japan, also recently announced his resignation on Sept. 18 after a decade with the company. Under Kobayashi’s leadership, Warner Music Japan grew into a digital-first music powerhouse, but he decided it was time to “move on,” reports Billboard.
Salary: Kobayashi’s earnings have not been publicly disclosed.
Bharat Masrani – TD Bank
TD Bank’s CEO Bharat Masrani announced on Sept. 19 he was stepping down after leading the Canadian banking giant through numerous challenges, TD Bank stated in a press release. Masrani took a voluntary pay cut last year due the lender’s a $13 billion scuttled acquisition of First Horizon Corp.
Compensation: Masrani’s pay in 2023 dropped by 11%, leaving his salary at a total of around $9.93 million, Reuters reports.
Randy Goodman – Sony Music Nashville
Randy Goodman, chairman and CEO of Sony Music Nashville, will retire at the end of the year after more than 35 years in the industry. His departure announced on Sept. 18 comes as Sony Music has been undergoing leadership changes across various divisions, and Goodman has overseen major successes for Sony’s country music label, Variety reports.
Salary: His personal earnings haven’t been made public.
