Archive for September 2nd, 2009

Former Fairfax chief executive received $4.1 million payout

September 2, 2009

FORMER Fairfax Media chief executive David Kirk received a $4.1 million termination payout, according to the Fairfax annual report released yesterday.

Fairfax Chairman Ron Walker told the Herald Sun the $4.1 million termination payout was in accordance with a contractual obligation, though details of the deal would not be released for at least six weeks.

The Age reported that new laws being considered by a Senate committee would allow shareholders to vote on executive termination payouts of amounts greater than one year’s pay, potentially limiting future payouts of media executives.

West Australian Newspaper’s annual report also revealed significant termination payments to its departing editor and executives,¬†with¬†Paul Armstrong, former editor of The West Australian newspaper receiving a one-off termination payment of $472,000, and chief financial officer Tom Garven entitled to a payout of $756,000, according to The Australian.