NTL Boss Set for $11m Windfall

16 April 2004

Simon Duffy, ceo of cable company NTL, is in line for an $11 million (€9.2m; £6.2m) stock windfall under a new employment deal.

The firm -- US-owned but operating chiefly in the UK -- has announced that Duffy will be awarded 200,000 stock options. NTL's share price is currently around $55.

According to a shareholder proxy statement filed with America's Securities and Exchange Commission, the revised deal will also raise Duffy's pay from £0.385m to £0.5m a year and give him a retrospective bonus.

The NTL boss took over as ceo last August, moving from his previous role as chief operating officer. His new contract, which replaces the deal he had as coo, is yet to be completed, but does not require shareholder approval.

Data sourced from: Financial Times; additional content by WARC staff