Seven West Media have disclosed the financial terms of Tim Worner’s departure from the company, revealing he missed out a near $1 million bonus in the 2019 financial year.
According to Seven West Media’s annual report, the former chief executive received $2.56m in remuneration and cash payment, and a bonus $302,148 in the 2019 financial year, which is down from last year when he received $2.6m, but missed $412.5 bonus.
However, Worner missed out on $906,446 in share-based bonuses.
Worner resigned from his CEO position at Seven last Thursday following six years in the role, with media exec James Warburton taking over the position.
Warburton will receive d fixed yearly salary of $1.3m, plus short and long-term incentives.
Just yesterday Seven West Media delivered its disappointing full-year results, unveiling a 10 per cent drop in earnings coupled with a $444.5 million loss.
The company, which includes the TV assets, Pacific Magazines and West Australian Newspapers – underlying earnings fell 10.1 per cent to $243.6 million to the end of June.
Underlying net profit after tax fell 7.9 per cent to $129.3 million. Earnings (before interest and tax) fell 10 per cent to $212.1 million.
The broadcaster has already warned that its 2020 earnings are likely to be between $190-$200 million with more declines in TV advertising revenues.
Worner’s replacement, James Warburton, said in a statement the 2019 period was a “tough year in the economy and advertising markets” that had both contributed to the group’s performance.