By Colin Kruger
The Ten Network board must have seen a very bright light at the end of its financial tunnel when executive chairman, Hamish McLennan, stepped down in July.
Despite the fact there was no guarantee the deal with Foxtel - to bail out the embattled broadcaster - would get the green-light, McLennan's remuneration more than tripled to $8.04 million, from $2.47 million the prior year.
The lion's share of Hamish McLennan's pay came from "termination benefits".Credit: Dominic Lorrimer
The lion's share of his pay came from "termination benefits" as well as options and rights he will retain after resigning as CEO and chairman in July with immediate effect.
The payments will extend through to July next year with McLennan, receiving 12 months base pay of $1.975 million over his notice period, plus another $250,000 "negotiated termination payment".
Gina Rinehart at the maiden speech of Barnaby Joyce at Parliament House in 2013.Credit: Andrew Meares
The biggest contributor to his remuneration last year was the $3.82 million worth of options and share rights, including loan funded shares, under Ten's executive incentive plan.
Billionaire Gina Rinehart, recorded a far more modest final pay packet after stepping down from the board last year to focus on her iron ore business.
She received the grand sum of $13,537 for the financial year, including superannuation.
Ten reported a $312.2 million full-year loss on Monday, which included slashing $251 million from the value of its television licence. The network reported a 4.5 per cent uptick in revenue to $654.1 million, but it also chewed through more than $55 million in operating cash flow which explains why the company is trying to raise $77 million from existing investors, on top of the $77 million it will receive for selling a 15 per cent stake to Rupert Murdoch's Foxtel.