SBS Inks Chairman/CEO/President RaÃºl AlarcÃ³n, Jr. To New Deal
June 12, 2014 at 3:59 AM (PT)
SPANISH BROADCASTING SYSTEM has inked Chairman of the Board, CEO, and President RAÚL ALARCÓN, JR. to a new deal that will keep the SBS chief in his post through DECEMBER 3, 2018 with automatic renewals on a yearly basis through DECEMBER 31, 2021 unless either party decides not to renew the contract.
The deal was signed on JUNE 5th and was retroactively effective as of MAY 1st, according to the company's filing with the SEC.
ALARCÓN will make a base salary of $1.75 million with potential annual performance bonuses of up to $750,000 and a Retention Bonus of $1,616,668 ($216,668 up front, $50,000 per month for 28 months). The deal also covers benefits including a car and driver, and carries a 12 month noncompete.