Sky CEO Pay Jumps to $25.7 Million
Jeremy Darroch, head of the European pay TV giant, saw his annual compensation boosted by the company's long-term incentive plan.
Jeremy Darroch, the CEO of European pay TV giant Sky, saw his annual compensation multiply to $25.66 million (£16.89 million) in the latest fiscal year.
His pay was up from $7.9 million (£4.88 million) at the time in the fiscal year ended June 2014, according to the annual financial report filed by the company on Friday. His salary rose from $1.46 million (£960,700) to $1.50 million (£984,750, while his bonus edged up to $2.99 million (£1.97 million).
The big boost came from a long-term incentive plan payout that amounted to $17.96 million (£11.82 million) in the latest fiscal year. In the previous year, Darroch did not receive such a payment, as plan payments occur every other year and are tied to the stock price.
With stock awards only vesting every other year, the plan causes big year-over-year compensation changes. Two years ago, Darroch had earned just over $27.40 million driven by the long-term incentive plan.
Late last year Sky acquired 21st Century Fox's Italian and German pay TV firms Sky Italia and Sky Deutschland. Fox owns a 39 percent stake in Sky.