Ten boss Hamish McLennan picks up nearly $5m in network’s shares
McLennan
Network Ten CEO Hamish McLennan has been awarded nearly $5m of shares in the network as it gears up for its Sochi Winter Olympics coverage.
Yesterday the network revealed to the Australian Securities Exchange McLennan had been given a further 14.5 million shares, with a market value of $4.819m as part of the “executive incentive share plan”, almost a year after he accepted the role.
A spokesman for Ten described the award as a “formality”, and they add to the 3.13 million shares McLennan already held in the company, with the latest round of shares being approved at Ten’s Annual General Meeting in December.
In recent weeks the share price of the company has rebounded on the back of strong ratings over the summer holidays with the Big Bash League, and optimism around the Sochi Olympic Games, which kick off tomorrow.
The spokesman added: “The share-based incentive plan is part of Hamish’s remuneration as announced in February last year, that is, his remuneration has not increased.
“The new shares that were formally issued do not vest until three years from now and are tied to performance hurdles, that is, the shares cannot be vested unless the hurdles are met over the three year period. If the shares are vested, that takes place over the following three years, that is, from 2017 on.”
Ten has today announced new sponsors had come on board for the Games, including Carlton and United Breweries, Fiat Chrysler, McDonald’s and Maurice Blackburn Lawyers.
He’ll be able to buy the whole network for 5 million in a couple of years. They’ll be wishing they still owned EYE then.
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well deserved too.. with all the successes they have had in 2013 i cant think of a more worthy gift for Mr McLennan.
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Smart move in my book.
$5m is a big incentive to work your ass off and turn round the network.
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So let’s look at the 2 key performance indicator’s the most important in broadcast TV. The 2 R’s ratings and revenue and then responsible cost controls etc. Ratings 2013 worst in network history no matter what spin you put on it, regularly beaten by the ABC. Revenue official audited numbers from KPMG around a 21.5 share doubled by both 7 and 9 rough numbers. So with that knowledge would you as a shareholder be happy to hand out this obscene amount of the companies money? What ever lawyer he used ought to get a “sling”.
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