Jeremy Darroch takes home £2.7m
The BSkyB chief executive, Jeremy Darroch, was awarded a 15% pay rise last year and took home more than £2.6m thanks to a recession-defying performance by the pay-TV company. Darroch's remuneration including salary, bonus, benefits and pension in the year to the end of June was £2.68m, up from £2.33m the year before. He received a £1.7m bonus, the maximum performance achievable, a 17% increase on the £1.49m he took home the previous year. His basic salary also grew 5% year on year from £825,000 to £866,250. "Performance during the year ended 30 June was very strong across the board and exceeded each of the targets for adjusted operating profit, adjusted free cash flow and DTH [digital television household] customer growth," the company said as the salary details were released today. Despite several salary boosts in recent years, Darroch's latest pay rise still leaves him short of the £1.045m a year earned by his predecessor, James Murdoch. Darroch started on a basic salary of £750,000 in his first year as chief executive. Murdoch, the chairman and chief executive of News Corporation in Europe and Asia, was paid £87,500 last year for his duties as Sky chairman. The filing also showed that Sky's chief financial officer, Andrew Griffith – the company's only other executive director – was paid £1.24m last year. This was a 17% increase on the previous year. Griffith was also paid the maximum possible bonus, in his case £656,250, a 20% year-on-year increase. His basic salary was bumped from £500,000 to £525,000. BSkyB's remuneration committee said that the basic salaries of Darroch and Griffith "remain at below market levels". Darroch's pay for this year will increase by 2.5% to £888,000 and Griffith's will rise by 4% to £546,000 effective from 1 July. BSkyB reported an 11% year-on-year increase in revenues to £5.9bn for the year to 30 June. Adjusted operating profits surged 10% year on year to £855m. The company, which is set to launch Europe's first 3D TV channel on 1 October, recently signed up its 3 millionth subscriber to high definition television. BSkyB is now within touching distance, at 9.86 million customers, of reaching its long-held target of 10 million by the end of the year. • To contact the MediaGuardian news desk email [email protected] or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication".
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