pounds 7m for BSkyB CEO as pre-tax profits increase
(Guardian (UK) Via Acquire Media NewsEdge) The BSkyB chief executive, Jeremy Darroch, took home more than pounds 7m in pay and share awards last year, including an almost maximum cash bonus of pounds 1.8m.
Darroch's total remuneration including salary, bonus, pension and benefits for the year to the end of June remained almost flat year-on-year at pounds 2.93m. That included a pounds 1.82m bonus, almost the maximum 200% of his base salary, while his salary remained flat year-on-year at pounds 935,000.He also received pounds 175,686 in benefit payments and banked almost pounds 4.1m from 580,000 shares awarded as part of BSkyB's long-term incentive plan.
Danny Rimer, chairman of BSkyB's remuneration committee, said Darroch would get a 2.5% pay rise this year, the first since 2011. He pointed out that Darroch's base pay was still less than former chief executive James Murdoch's in 2007. He also holds 354,575 shares personally in BSkyB, worth almost pounds 3.1m.
Sky reported pre-tax profits of pounds 1.26bn for the year to the end of June, a 5.7% year-on-year increase, as revenues rose 7% to pounds 7.2bn. The company had 10.4 million subscribers, of which 4.9 million were broadband customers. "Triple play" subscribers - taking TV, telephony and broadband services - accounted for 35% of its total customers. Average revenue per user, a key metric watched by investors, was up pounds 29 to pounds 577.
With subscriber growth in its core pay-TV business slowing, the broadcaster has turned its attention to luring consumers who have resisted its Sky TV offering with video-on-demand service Now TV. This offers Sky content to non-Sky TV subscribers, with more than 50,000 having taken advantage of its pounds 9.99 sports "day pass".
(c) 2013 Guardian Newspapers Limited.
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