Gregory Maffei Will Stay With Liberty Through 2019
Under the terms of his new contract, Maffei will get a slight raise to $960,750 in base salary at each company with a target cash bonus equal to 250 percent of that
Gregory Maffei will run Liberty Media and Liberty Interactive as CEO and president of each through 2019, the companies said Monday.
Maffei's previous arrangement will expire Wednesday.
Under the terms of his new contract, Maffei will get a slight raise to $960,750 in base salary at each company with a target cash bonus equal to 250 percent of that. His base salary at each will increase by 5 percent each year.
The executive can earn far more through equity incentives and, in fact, in 2012 his compensation soared to $57.2 million from just $3.2 million a year prior due to massive stock options.
Maffei has run Liberty Media for about a decade and has overseen an expansion strategy that has included investments in SiriusXM Radio and Charter Communications. Interest in the latter was spun off into yet another publicly traded company called Liberty Broadband.
Liberty Media also owns the parent company of the Atlanta Braves baseball team and has interests in Time Warner, Viacom and Live Nation Entertainment. Liberty Interactive's holdings include QVC Group plus interests in Expedia, Evite and many other Internet companies. It also has a stake in Time Warner Cable, which has agreed to be acquired by Comcast for $45 billion.
"We are extremely pleased that Greg will continue in his leadership role for another five years," said John Malone, chairman of both Liberty Media and Liberty Interactive. "His creativity and strategic vision have been transformational and have created tremendous shareholder value since he jointed us in 2005."