Andy Duncan gets £731,000 pay-off from Channel 4
Former Channel 4 chief executive Andy Duncan received £731,000 in lieu of 12 months' notice when he left the broadcaster, according to Channel 4's 2009 annual report which was published this morning.
Duncan resigned on 17 November and the extra £731,000 brought his total pay for 2009 to £1.48 million, an increase of 116% from his total pay in 2008. Excluding the pay-off, Duncan earned £750,000, up 9.6% from the £684,000 he was paid in 2008.
This was made up of a base salary of £514,000, £11,000 in benefits and a £225,000 pay-out from a two-year loyalty incentive scheme ended 30 June 2009.
The pay-out had been set at £450,000 but in early 2009 Duncan offered to waive 50% of his entitlement and this offer was accepted by the remuneration committee.
There is no loyalty scheme for new chief executive David Abraham, according to a Channel 4 spokesman.
The next highest paid exec was former director of television content Kevin Lygo, who has left to join ITV as head of its production arm ITV Studios. He earned £785,000 in 2009.
Lygo's total package in 2009 was down 30.9% from the £1.136m he earned in 2008 due to a reduction he took in his basic salary in 2009, which dropped from £773,000 to £644,000, and a payout from a long-term incentive plan in 2008.
Andy Barnes, sales director of Channel 4, got a total remuneration package of £513,000 which was made up of £400,000 in salary and fees, £13,000 in benefit and a £100,000 bonus.
Nathalie Schwarz, the director of new business, who was hired to lead Channel 4's ill-fated push into digital radio and resigned on 26 March 2009, was paid a total of £70,000.
Channel 4's report showed record profits from digital media and rigid cost control helped Channel 4 break even during 2009 despite losses on the core channel and ad revenues falling 10.5%.
TV advertising revenues at Channel 4 were £706.7m, down 10.5% from £789.7m in 2008, which Channel 4 said amounted to an unprecedented drop but compares favourably to a broadcast TV ad market decline of 11.9%.
Total revenues at Channel 4 were £830.3m in 2009, down 8% from £906.1m in 2008.
This article was first published on mediaweek.co.uk
- Marketing Manager Fidelity Worldwide Investment Dependent on Experience, Surrey
- Graphic Designer/ Artworker Michael Page Digital Negotiable, South East England
- Group Account Director Twist Recruitment £60000.00 - £70000.00 per annum, City of London
- Account Director Gemini Search £200 - £300 per day, West End
- Portfolio Executive Institute of Customer Service 28,000, London, SE1