Ex-Seven West Media chief executive Tim Worner was paid over $3 million in the 2020 financial year, following his shock departure from the media company in August 2019.
As reported on The Australian, Worner received a termination payment of $2.57m when he exited the business last year, plus other remuneration to the tune of $448,453, as stated in Seven’s 2020 annual report.
Current SWM CEO James Warburton earned just shy of $1.18m last financial year, with most of his pay coming from a fixed remuneration of $1.13m, plus other remuneration totalling $43,899.
SWM released its 2020 financial results yesterday, which took a beating from CV-19 and a severe decline in the ad market.
Its statutory earnings tumbled 49 per cent to $129.5 million in the full financial year and it also reported a 14 per cent fall in revenue to $1.2 billion.
On the upside, net debt was reduced by $143.5 million from its half year results to $398 million. Net loss after tax was $200.1 million, which was an improvement from last year.
However, the sharemarket didn’t like what it saw in the numbers, the share price was down almost 23 per cent on today’s news to $0.12 a share Tuesday morning. Share price is slightly up Wednesday morning to $0.13.
Seven said it had generated $170 million from cost cuts, primarily out of its television division, and $150 million from the sale of assets including the West Australian headquarters and Pacific Magazines to Bauer. It has said it will aim for a $50 million in cost cuts over the next financial year.
