The board of Johnston Press agreed a deal designed to keep one of its most senior executives in his role, the company’s annual report has revealed.
Chief operating officer Danny Cammiade will be given a full year’s pay plus bonuses were he to leave the regional publishing group on 31 December this year.
The deal, which followed the appointment of Ashley Highfield as chief executive last year, was designed to ensure Mr Cammiade stayed on to help oversee the company’s transition to new leadership.
However it is understood that Mr Cammiade remains fully committed to JP and has no current plans to leave his role.
The report states: “Following the announcement in July of the appointment of Ashley Highfield as chief executive officer, the committee determined that it was in the best interests of the company to retain the services of Danny Cammiade as chief operating officer for the forthcoming financial year during the period of transition for executive management.
“The company therefore entered into a compromise agreement with Danny Cammiade on 19 August 2011 which has the effect of amending his contract of employment.
“This agreement provides that he may, upon the service of notice to the company, terminate his contract of employment with the company on 31 December 2012.
“In such circumstances he will be entitled to receive payment of one year’s basic salary, pension, car allowance and medical insurance to be paid in 12 equal monthly instalments throughout 2013.”
The deal is mentioned as part of the directors’ remuneration report published as part of JP’s annual report yesterday.
It also reveals that Mr Highfield, who joined the company in November 2011, received £67,000 in salary, £26,000 in a cash and shares bonus, a £20,000 pension payment and benefits of £2,000 in the final two months of the year.
Total boardroom pay however fell from £2.814m in 2010 to £2.517m in 2011.
The full report can be read here.