At the time of writing, the two companies were in negotiations about a deal to create Britain's biggest commercial radio owner. Hazlitt, who has only been in the job for three months, is expected to leave once the deal is signed. The Takeover Panel had given Global a deadline of 26 March to make a formal offer for GCap, but Global has been given an extension until 31 March.
Hazlitt replaced Ralph Bernard, the former GCap chief executive, in December, having joined the company in May to run its London stations. Her pay-off is expected to comprise a year's salary and bonus in lieu of notice, plus gains on the purchase of GCap shares, which have risen 60 per cent since the end of last year.
Global Radio, which owns Heart and Galaxy, may be required to sell off some of its stations in London and the Midlands following the purchase, to comply with competition regulations.