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Aegis Pays Lerwill £2.1m Termination Fee
Synovate parent Aegis has disclosed in its 2008 report and accounts that former CEO Robert Lerwill has been paid a total of £2.1m following the termination of his contract last year.
Lerwill joined the Board of the media and market research group in 2000 and became CEO in February 2005. When his departure was announced in November, shares in the group leapt 17% amid rumours of a possible merger with Vincent Bolloré's Havas group.
In December, his post was filled on an interim basis by Chairman John Napier, who has since been reviewing the group's historic performance and helping shape the group's 2009 budget. Napier has confirmed that the appointment of a new CEO is expected to take place prior to, or at the calendar year end.
Last year, the group paid Aegis Media CEO Mainardo de Nardis £379k in compensation for a six month period of gardening leave, and David Verklin, the CEO of Aegis Media Americas received £786k when he left the group last October.
For the group, 2008 revenue was up 21.3% and operating profit and pre-tax profit rose 26.8% and 25.7% respectively. On a constant currency basis, at Synovate, revenue was up 10.3%, net revenue growth was up 11.3%, and operating profit grew 13.1%.
Despite its 17.5% rise in operating profit, in March, Aegis announced plans to cut around 780 jobs across its global operations as part of a cost-saving plan to beat the downturn.
Web sites: www.aegisplc.com and www.synovate.com .
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