EMI Extends Contract of Key Executive

British music giant EMI Group has extended the contract of recorded-music Chief Executive Alain Levy until March 2009 and provided Levy a substantial pay raise.

Under the new deal, described in the music conglomerate’s annual report this week, the company boosted Levy’s base salary 43% to $1.8 million and increased his bonus, which totaled $1.6 million last year, to as much as $5.5 million, depending on EMI’s sales.

Under Levy and chief deputy David Munns, EMI’s music division has pursued a series of deep cost cuts and reversed losses in North America, the world’s biggest music market.

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Jeff Leeds