The boss of APN Outdoor Richard Herring has been rewarded with a million dollar payday after delivering the company strong results since taking it onto the ASX
Richard Herring: Pay was worth $1.1m last year
Herring’s remuneration for the year was $1.143m, the company’s annual report – published this afternoon – reveals. His package included a base salary of $734,000 and super of $19,000. On top of that, Herring received a short term bonus of $231,000 and a long term incentive bonus worth $161,000.
Herring has been with the company for 13 years and has been CEO since 2004. During that time, the company was spun out of APN News & Media before floating on the ASX in 2014. Since then, the company’s share price has more than doubled, giving it a current market capitalisation of $930m.
Helped by a resurgence in spending on outdoor advertising and particular in digital, the last financial year saw APN Outdoor grow its revenues by 10% to $331m and its underlying EBITDA profits by 18% to $87m.
Late last year, APN Outdoor and Ooh Media announced plans to merge into a single out of home group covering the Australian and New Zealand markets. After the merger Herring will leave the company, which will be led by Ooh Media boss Brendon Cook.
Earlier this month the ACCC signalled that it would give its verdict on the merger on May 4, with the two companies now due to come together in early July.
According to the APN Outdoor annual report, chief operating officer Andrew Hines received $676,000 including bonuses last year while chief financial officer Wayne Castle got $606,000.
Chairman Doug Flynn was paid $207,000.