IPO-bound research giant Nielsen has reportedly struck a new deal with CEO David Calhoun, adding three years to his contract in exchange for a salary rise and a $6 million signing bonus.
According to www.mediapost.com , the new deal runs through 2014 and ups Calhoun's base salary from $1.5m to $1.625m. The signing bonus must be repaid if he leaves the company before the start of 2013.
Calhoun joined the firm in August 2006 from General Electric, where he spent 27 years, rising to become CEO of a number of units, and corporate Vice Chairman. At the time, he invested around $20 million of his own money in the newly formed Nielsen in return for stock options, plus commitments that he would receive payments of $29.5m by January 2012 and the possibility of an additional payout which may now approach $17.5m.
The new deal also includes a two-year competition clause and non-disparagement clauses.
Nielsen first notified the SEC in June this year that it intended to raise up to $1.75bn in an initial public offering (IPO) to pay down debt and for 'general corporate purposes'; then upped the target to $2.01bn in August.
Web site: www.nielsen.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.