Neil Berkett Given £3.6million as Salary, In Spite Of Pay Freeze
Neil Berkett Given £3.6million as Salary, In Spite Of Pay Freeze

Virgin Media’s Chief Executive, Neil Berkett’s total remuneration was down last year, but he has been given an increment in salary this year.

As Cable Company’s Chief Executive, Neil got a total remuneration package of $5.7million (£3.6m) last year, in spite of the cable company introducing a common pay freeze to trim down costs in the recession.

Berkett, who has just been bestowed a £100,000 hike in basic wages to £650,000 backdated to 1 April 2010, in fact took a relative 18% year-on-year slash to his total pay package. In 2008, he earned $6.9m, up from $3.1m in 2007.

Last year, his pay was made up of a basic remuneration of $860,915, a 10% hack on his 2008 salary of $957,372, in addition to stock and incentive plan rewards and payment of $4.57m and $243,312 in "all other compensation".

Berkett's $5.7million package entails stock, which will mature over a number of years; his net salary was £2.5million last year.

On 25 April, Virgin Media's compensation committee that is chaired by ex-ITV Chief Executive, Charles Allen, sanctioned the £100,000 hike in Berkett's basic salary to "reflect the increase in responsibilities Mr. Berkett has taken over, as per the planned transition with the executive chairman, as well as his performance".

 

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