Mike Sneesby to give permanent staff a ‘recognition bonus’ after positive FY22 results
Nine’s chief executive and director of Nine, Mike Sneesby, is giving his permanent employees who joined before 1 April a ‘Recognition Bonus’ of $1750.
In an email to staff on Wednesday, Sneesby said the strength of the business and financial performance has come from some great achievements across all parts of the company.
“The effort, professionalism, and sheer tenacity from each and every one of you to drive that success is certainly appreciated by myself, the Board, and the leadership team,” said Sneesby.
“I’m pleased to announce that a ‘Recognition Bonus’ of $1750 will be paid to all permanent employees who joined Nine before 1 April 2022, and who don’t already participate in other company incentive plans.
“This is our way of saying ‘thank you’ for all that you have done this financial year, your commitment to excellence, and your investment in our future,” he added.
“The Recognition Bonus will be paid in August to eligible employees, who are employed by Nine at the time, and will be separate from the annual salary review process which will go ahead as normal.”
In February, Nine Entertainment Co. released its most recent financial results for the six months to December 2021.
For the period, Nine reported revenue of $1.3 billion and a net profit after tax of $213 million, which included a post-tax specific item expense of $12 million.
Group EBITDA, before specific items, of $406 million equated to a growth of 15%, ahead of the 10% guidance given at the AGM in November. Profit after tax and minorities, before specific items, was $213 million, up 20% from the previous corresponding period.
Key takeaways included continued audience strength across all key platforms – free-to-air, 9Now, publishing, radio, and Stan.
Record revenue year (CY2021) for Total Television (FTA + BVOD) with strong growth from all television platforms. Total Television EBITDA growth of 16% on revenue growth of 11%
Growth to over 2.5 million active subscribers currently, driving 23% revenue growth at Stan. Further growth at Stan Sport, supporting the increased outlook for Stan EBITDA.
$1750 bonus for all staff is a great start would be interested to see what exec bonus are though
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To quote an email to staff from James Chessell: “I also made it clear that the current union wage claim (including expanded accelerated progression) was not palatable for a publishing business that faces cost headwinds in FY23.”
According to Chessell if Nine were to meet the union on its pay rise request, it could results in an immediate hiring freeze, a review of satellite bureaus, ceasing international assignments, cutting training & development and eliminating the ability to offer discretionary increases to high performing staff.
But sure Nine, publicise the bonus you’re paying staff while trying to force the publishing business into accepting a EBA that doesn’t improve the workplace.
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You can check it in their annual report?
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According to Nine’s Annual report for 2021 Mike Sneesby received a cash bonus of $263,813 for FY21 – remember he only started in the CEO role that year at the start of April, meaning that bonus was for three months work.
Maria Phillips, the CFO, received a cash bonus of $240,042
Michael Stephenson, the chief sales officer, received a cash bonus of $393,960.
Hugh Marks for FY21 received a cash bonus of $1,401,975.
In total for FY21 Nine paid $2,299,790 in executive cash bonuses.
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