Nick Falloon to receive $4,300 a day for Domain CEO duties
Domain executive chairman Nick Falloon is to receive $4,300 a day for carrying out the listed company’s CEO duties while the hunt to replace Antony Catalano continues.
In an announcement to the ASX this afternoon, Domain said the board had resolved to pay Falloon the daily rate based on Catalano’s fixed salary component of $1,200,000. The figure will not include any incentive payments.
Falloon: “We are progressing with the global search for a new CEO”
In the announcement, the company said Falloon will be paid in addition to his fees for carrying out the non-executive chairman role.
Catalano stood down in late January. At the time, the company and Catalano said he was looking to spend time with his family. After his departure, however, allegations that he fostered a boys’ club culture emerged in the Fairfax press.
Catalano then engaged high-profile defamation lawyer Mark O’Brien.
Since Catalano’s departure, the company made a ‘small number’ of redundancies while Falloon told investors in mid February there would be “no impact whatsoever going forward” from the CEO’s abrupt resignation.
At the beginning of this month Falloon told the Macquarie Australia Conference: “We are progressing with the global search for a new CEO. As you would expect, this is a thorough process and we will take the appropriate time to identify the right individual.
“We have some very strong candidates in the process – as you would expect for an opportunity to lead a digital business of this scale.”
How is this a story?
Most partners at consultancies charge 5000 per day. Their minions are charged out at 3000 per day.
Even strategy director or creative director level people at ad agencies are charged out at 2400-3200 per day.
This person is one of the most experienced media CEO’s in the country so is well worth 4300 per day. Bargain.
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Pretty surprised Mumbrella is now recycling newslimited rubbish. C’mon Tim.
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It says “paid in addition” – how many people are being lumped with other people’s jobs who aren’t being “paid in addition”.
Not to say it shouldn’t happen, yet in reality it doesn’t.
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That’s outrageous … he has no qualification for the role
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