Simon Duffy, who left NTL yesterday after they did not renew his contract, is to receive share options worth £9.4 million and a £1.5 million pay-off from the cable giant.
According to a report in today’s
Telegraph, NTL will pay Duffy £1.5 million in compensation and has given him a deadline of March to exercise his 900,000 share options, which at yesterday’s share price of $25.18 are worth £9.4 million.
Duffy joined NTL as chief operating officer in 2003 and was made chief executive just four months later, before being replaced by American Stephen Burch as group head in 2005, in a move commentators said was triggered by pressure from investors.
Jim Mooney, NTL’s chairman, is quoted by the Telegraph as saying: “Since joining NTL in April 2003 Simon has made an enormous contribution as our chief executive and board member.”
It was revealed last week that Duffy, who was instrumental in driving NTL’s acquisition of Virgin Mobile, would not have his contract renewed (see Duffy Could Leave NTL Next Week).
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