When Network Ten CEO Hamish McLennan left his post abruptly in late July there were all sorts of industry speculation around his sudden departure.
Many claimed he was simply too close to the News Corp family and he was putting the Foxtel deal in jeopardy. Last week, the ACCC agreed that the News-owned Foxtel could purchase 15 per cent of the struggling network.
However, Ten’s end of financial year report, released this morning, reveals another terrific reason for McLennan heading to greener pastures – a whopping $8.04 million payout.
Ten’s end of year financials said McLennan – who left his post with immediate effect – received “termination benefits” including 12 months’ salary, a $1.9 million payment lieu of notice and a $250,000 negotiated termination payment. He also received $3.82 million worth of shares and options under the network’s incentive plan.
It is not clear what McLennan will do next with his professional career; however, his fondness for the Murdochs should see him field plenty of job offers.