Irving Azoff, the executive chairman of Live Nation Entertainment Inc., has left the concert promotion giant’s board and resigned as an executive, the company said Monday.

The 65-year-old music industry veteran is taking with him some of his talent-management business, through which he handles the affairs of the Eagles, Christina Aguilera and other acts, according to people familiar with the matter.

Mr. Azoff’s employment contract hadn’t been due to expire until mid-2014. Chief Executive Michael Rapino’s contract, also due to expire in 2014, was recently renewed for a new five-year term, Live Nation said last week, without mentioning Mr. Azoff.

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