Fairfax releases termination payment details
Former Fairfax Media chief executive Brian McCarthy received a termination payment of $2.36 million despite the company reporting a full year loss of $401 million for the 2011 financial year.
Including cash bonuses and base salary, the total payment for McCarthy’s termination equalled $3.17 million for the 2011 financial year, with his employment ceasing early December 2010.
The former chief executive of the Financial Review Group, Michael Gill, received a $713,000 termination payment and current Fiarfax Media chief executive, Greg Hywood, received $1.53 million for the 2011 financial year.
Fairfax Media reported a loss of $401 million after writing down the value of its newspaper mastheads by $650 million in its annual ASX report.
The company is in talks to sell its radio assets and the partial float of its online business Trade Me.