$10 million pay deal for Thompson in move from BBC to New York Times
The BBC's exiting Director General Mark Thompson will receive a pay package totalling as much as $10.5 million when he joins the New York Times as its CEO.
Thompson: Big pay hike
That includes an annual salary of $1 million, Bloomberg News reports today.
He stands to make as much as $4.5 million from his signing bonus, $2 million in annual incentives and $3 million in long-term incentives.
Thompson, 55, received £622,000 in total compensation for his most recent year at the BBC - so that's quite a pay rise.
Bloomberg said observers were "cautiously optimistic earlier this week that Mr. Thompson would bring a constructive new perspective, but one analyst at least was very skeptical of the paper's claim that he could help an international expansion."
Under his leadership, the BBC has made spending cuts of more than £1 billion since 2008, said Bloomberg.
Thompson will get $1.5 million of his signing bonus as a stock award based on his performance between December 2012 and November 2015, the Times Co. said in a filing.
Depending on what he achieves, he could earn 200% of that bonus, or $3 million, according to Bloomberg. The remaining $1.5 million of the bonus will be granted in the form of stock options.