Ciaran Davis' last pay at ARN Media, after 16 years at the company, was $2,167,689.
The company’s annual report shows the now former CEO received $852,1407 in termination payments.
The previous year his total remuneration was $1,665,804.
Davis holds 3,201,688 shares in ARN, according to the annual report. The shares last traded at 24.5 cents each.
The board of ARN praised Davis for leading through several transformative milestones, including the launch of iHeartRadio, the recruitment of high-profile presenters and the strategic execution of a divestment plan through the sale of Adshel and its stake in Soprano Design.
ARN reported revenue down 10% to $285 million in the year to December, impacted by a challenging market and changing advertiser expectations.
The company has reset its strategy to position ARN as an entertainment business with digital and radio at its core.
Michael Stephenson, formerly of Nine, who moved to ARN Media as chief operating officer, replaced Ciaran Davis as CEO.
Stephenson is on a base of $1.1 million, plus superannuation, but could more than double this with short and long term incentives.
At Nine, he was paid $1,248,243, down from $1,820,118, as he and fellow executives saw bonuses shaved, a reflection of a tough advertising market.
The other major media sector company departure was Cathy O’Connor, now the former CEO of outdoor sector leader oOh!media.
Her final pay cheque was $2,681,465. She lost some short and long term incentives but picked up $1,444,323 in termination benefits.
O’Connor, who joined the company in January 2021, last year received $1,833,562, and more than a quarter of that performance based.
She has been replaced at oOh!media by James Taylor, the former managing director at SBS. His base salary is $1,344,000.
O’Connor has since taken a non-executive director role at Southern Cross Media Group, the combination of Seven West Media and SCA.
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