Some senior executives in the media industry last year had their bonuses shaved, a reflection of a tough advertising market.
And a brace of CEOs are now former chief executives of their media groups.
Mike Sneesby, the former Nine Entertainment CEO, and his executive team lost some of their short term bonuses because the company didn’t hit its earnings target.
Nine Entertainment posted a 31% fall to $134.9 million in net profit after tax for the year to June. Revenue was down 3% to $2.6 billion. Total TV revenue fell 10% to $1.13 billion, impacted by a "weak" advertising market.
Sneesby was awarded only 22.5% of his short term incentive. His total remuneration, calculated on an actual rather than statutory basis, came in at $2,125,136 for the year to June, more than $570,000 less than the previous year.
Chief sales officer Michael Stephenson, who is leaving Nine, was paid $1,248,243, down from $1,820,118.
The salary level isn't known for Stephenson's new role as COO of broadcaster ARN. However, details could be known when ARN's next annual report is released.
Both Sneesby and Stephenson got a pay rise at Ninbe starting last financial year. Sneesby’s base pay went up 7.1% to $1,500,000 and Stephenson’s 4% to $990,000 effective from July 2023.
Sneesby stepped down at the end of September with CFO Matt Stanton becoming acting CEO.
And in November, 37% of shareholders voted against the remuneration report, a first strike which could, if it happens again, lead to a spill in the board of directors.
Acting Nine CEO Matt Stanton’s base pay as CFO was $830,000. It’s not known if he gets a bit extra for filling the chief executive role. Sneesby’s base was $1,500,000.
However, Stanton is on the executive bonus plan which, according to the latest Nine annual report, boosted his annual pay as CFO to $1,074,631.
Over at Enero, the owner of BMF, a former AdNews Agency of the Year, now former CEO Brent Scrimshaw, who left to pursue an “opportunity”, saw his pay slide 15%.
The company’s annual report shows he received $1,725,327 in 2024, down from $2,002,994 the year before.
Of that his base pay was $846,762. The rest was made up mostly of short term incentives and share rights.
Among local CEOs of stock exchange listed media companies, Scrimshaw’s pay compares with peers.
Former Seven West Media CEO James Warburton's final year pay was $1.2 million, down from the previous year's $1.3 million.
His salary for the year to June, was made up of $1,263,352 cash. This included a "termination payment" of $265,221.
His final pay was lower than that of former commercial director Bruce McWilliam at $1,443,069, including a termination payment of $544,203.
The new CEO at Seven West, former CFO Jeff Howard, gets a base pay of $1.25 million. He also gets incentives, with the short term program delivering up to 150% of his base.
Over at ARN Media, which is due to release its latest annual report in February, the company’s financial performance conditions in 2022 and 2023 were not met and no awards were made for the financial components of the incentives scheme.
Total remuneration, using the statutory calculation, for CEO Ciaran Davis came to $1,550,130 in 2023, down from $1,963,623 the year before.
SCA’s John Kelly was listed in the latest annual report with base pay of $875,763. No short or long term benefits were recorded.
When the former COO took over as chief executive from Grant Blackley in July 2023, the company said he was part of the Executive Incentive Plan with a target and maximum amount payable equal to 150% of base.
The latest numbers for Cathy O'Connor, the CEO of the biggest local outdoor media player oOh!media, compare well against her peers.
According to the company's annual report released in March 2024, O'Connor's salary was, using the statutory salary calculation, slightly higher than the year before at $2.05 million.
More than one-third (36%) of her 2023 pay was performance based. Her base salary was $1,302,655, short term incentive cash $194,889 and long term $517,378.
oOh!media is due to report its annual results in February and release its annual report in March, when O'Connor's latest pay result will be revealed.
The latest analysis by the Australia Council of Superannuation Investors shows an Australian CEO is more likely to lose their job than their bonus.
Looking at the top 10 ASX-listed companies, the council found CEO pay fell to $3.87 million from $3.93 million, the lowest median in the 10 years
Only two CEOs didn’t take home a bonus.
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