Clive Hollick, the former chief executive officer of United Business Media (UBM), has turned down a controversial £250,000 bonus following a revolt from the company’s shareholders.
Shareholders disapproved of the large payout at last week’s annual general meeting, with around three quarters voting against the remuneration report (see
UBM To Pay Hollick £250k Bonus).
Earlier today Lord Hollick issued the following statement: “I would like to thank the board of UBM for the bonus they awarded me for a successful hand-over and for significantly increasing shareholder value during the six-month transition period.”
He continued: “The majority of shareholders have now expressed their disapproval of the bonus and I have accordingly asked the company not to pay it. The company has agreed.”
UBM added that given the “trenchant views” expressed by both individual and institutional investors, the board have committed not to make exceptional bonus payouts of this particular type in the future.
Lord Hollick recently resigned as chief executive from United Business Media, where he had spent just over 30 years. He has been succeeded by David Levin (see United Business Media Announces New Chief Executive), chief executive of Symbian who took over after the annual company meeting in April.
Hollick is taking a high profile position at US private equity group Kohlberg Kravis Roberts (KKR), with the aim of putting the US company on the map in British and European media (see Hollick Talks Takeovers In New Role At KKR).
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