BusinessCompany NewsNTL to investigate appropriate pay levels

NTL to investigate appropriate pay levels

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.

Link: Executive pay scandals harming UK plc

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.

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