Sky CEO Pay Drops to $6.3 Million
Stock awards that only vest every other year cause big year-over-year compensation changes.
Jeremy Darroch, the CEO of European pay TV giant Sky, saw his annual compensation drop to $6.34 million (£4.75 million), compared with £16.89 million, which at the time amounted to $25.66 million, for the previous fiscal year. In pounds, that meant a drop of 72 percent.
The company disclosed the figure on Thursday in its annual financial report for the fiscal year that ended in June.
For the fiscal year that ended in mid-2014, Darroch's pay had come to £4.88 million. Last year's big boost came from a long-term incentive plan payout that amounted to £11.82 million. As plan payments occur every other year because stock awards only vest every other year, the plan causes big year-over-year compensation changes.
Late in 2014, 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.
Fox CEO James Murdoch was appointed Sky chairman in April. His fees as a board member for the latest fiscal year amounted to $204,512 (£153,221), compared to £96,500 in the previous year.