£1.33m pay-off for former GMG Radio boss
Stuart Taylor, Chief Executive of GMG Radio before it was sold to Global Radio, received a total pay-off of £1.33million when he left the company.
Taylor’s pay included a £710,000 Transaction Bonus from the grou, £509,000 for loss of office and more than £100,000 in salary and pension payments.
He’s now UK CEO of worldwide media planning company Kinetic.
GMG Radio was sold in June 2012 for £70m but Global Radio has yet to take full control of the company.
Details of the payments were revealed in today’s annual report from Guardian News & Media, which shows annual losses of £30.9 million in the year to 31 March.
This compares with £75.6m losses reported in 2012, primarily due to the £54.2m write-off of the value of its radio division.