Ooh Media report reveals $903K termination payment for Brendon Cook

Ooh Media’s 2020 annual report, filed on the ASX today, has revealed that founding CEO, Brendon Cook, received a termination benefit of $903,435 upon his departure from the CEO role, taking his total earnings for year to $3,004,857.

Cook stepped down from his role of MD and CEO of the business during 2020, with former Nova Entertainment CEO Cathy O’Connor appointed as his replacement in January this year.

That was made up of a base salary of $825,072, with 40% of Cook’s remuneration listed as being performance-based.

Brendon Cook

Ooh Media chair Tony Faure took the opportunity to thank Cook for his service in the report. “On behalf of the company, I want to personally thank Brendon for his enormous commitment and dedication to building and leading our business for the past 30 years.”

Faure reiterated the fact that in December of 2020, the board decided to temporarily suspend dividends, and as a result, none were payable for CY20.

“The board will revisit this intent in future periods based on the prevailing market conditions and with consent of our leaders,” he said.

The annual report also highlighted four key areas of operations, being increased market share, upgrades to key digital sites, “ground-breaking campaigns” and a “balanced, diverse and long term lease maturity profile” for its assets.

Faure added: “Our strategy remains focussed on capitalising on the positive key structural drivers of growth in out-of-home and leveraging our diverse product portfolio, backed by data, to deliver results for advertisers and to create value for our shareholders.

Ooh Media recently reported a revenue decline of 34% to $426.5m for the year ending 31 December 2020. CY20 saw the company report underlying EBITDA of $63.2 million compared to $139.0 million in the prior reporting period, and an underlying NPATA4 loss of $8 million compared to $52.4 million in the prior corresponding period.

Net loss after tax was $35.7 million for the year.

Speaking with Mumbrella following the release of Ooh Media’s financial results last month, former Nova Entertainment boss O’Connor said she’s loving the change.

“I think that the longer I’m here, which is all of six weeks, my optimism for the opportunity for the sector and through media within it is only building.

“I have watched the out-of-home sector grow its prominence through digitisation and grow its share of the total ad pie over many years, almost with some envy.

“So I’m just thrilled that I now get to lead a business that’s got a key seat in that journey and is well-placed as a market leader to capitalise on the growth.”


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