Cable group NTL, which has just emerged from Chapter 11 bankruptcy protection, is undertaking a review of its executive pay levels following disclosures about pay awarded to former CEO Barclay Knapp.
Accountancy Age, 30 Sep 2003
Reports have revealed that Knapp would receive at least $66,000 (£40,000) in consulting fees on top of a $2.1m severance package from NTL, which operates in the UK, but is listed in the US.
Knapp is being paid $6,000 a day for consulting work at NTL, the FT reported.
The need for a study of executive pay was highlighted by the head of its compensation committee, Jeffrey Benjamin, who said such a study must be undertaken before an employment contract with Simon Duffy, the newly-appointed chief executive can be agreed.
Duffy is currently being paid £385,000 a year based on his contract agreed to when he was hired as chief operating officer.
While Richard Branson and his Virgin Galactic team chase the...
Comments
Have your say on this article