Ex-EMI Chief Received A $5 Million Payoff
June 18, 2007 at 8:11 AM (PT)
The former boss of EMI's music division quit the troubled group with a £3.6m ($5.32m) pay-off, it was revealed by the IRISHEXAMINER. EMI's annual report revealed that ALAIN LEVY was handed the multi-million pounds on top of his £912,000 ($1.35m) salary after he was ousted in JANUARY.
LEVY, who had been Chairman/CEO of EMI MUSIC since OCTOBER 2001, was handed a £1.1m ($1.6m) bonus and £2.6m ($3.8m) severance package plus pension payments and company benefits for a year after leaving the group, as part of a contractual agreement. He also received 20 million share options under the group's long-term incentive plan, which he can hold for up to a year after leaving, or for six months if there is a change in ownership.
Details of the payoff come as EMI is rumoured to be facing a fresh takeover attempt from rival WARNER MUSIC, which threatens to challenge the group's agreed sale to private equity firm TERRA FIRMA.