Alain Levy, who was sacked as head of music at EMI in January in the wake of the latest in a string of profit warnings, received a 1.12 million bonus last year as part of a total remuneration package of 4.6 million, it emerged yesterday.
The Frenchman, famous for cutting loose the singer Mariah Carey after taking over EMI s recorded music division in 2001, was paid the bonus on top of a basic salary and benefits of 1 million, and compensation for loss of office of 2.49 million. Despite the factors behind his sacking, the group s annual report says that under his contract, Mr Levy was entitled to both a bonus and a payoff in the event of his termination without cause (as defined in the agreement) .
His bonus of 1.12 million was the average of the bonuses he had been paid in the three previous years. His 2.
49 million payout was based on those same bonuses plus a year s base salary. Mr Levy is also entitled to continue to receive retirement benefits and other benefits in kind for a year after his sacking in January. He is also sitting on various share options and share schemes worth almost 10 million at the 265p-a-share level of the 2.
4 billion bid from Guy Hands s Terra Firma private equity vehicle. Alain Levy, who was sacked as head of music at EMI in January in the wake of the latest in a string of profit warnings, received a 1.12 million bonus last year as part of a total remuneration package of 4.
6 million, it emerged yesterday.
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