United Business Media (UBM) will pay outgoing chief executive, Lord Hollick, a £250,000 bonus despite an expected revolt by shareholders at this week’s annual meeting.
According to a report in the
Financial Times , UBM recently wrote to key shareholders in an attempt to pacify them, arguing that the company is “legally” obliged to make the payment as part of Hollick’s agreed departure package.
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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