Seven West Media paid departing CEO Tim Worner $3m in his final year

Former Seven West CEO Tim Worner was paid $3m in his final year with the Kerry Stokes-controlled media company.

Kerry Stokes and then CEO Tim Worner at Seven West’s AGM in 2018. Picture: Hollie Adams

Seven West Media paid Tim Worner more than $3m in the 2020 financial year, after he quit the Kerry Stokes-controlled media company a year ago.

Mr Worner received a $2.57m termination payment following his surprise departure last August after six years as CEO, plus fixed and other remuneration totalling $448,453, according to Seven’s 2020 annual report.

Seven said Mr Worner’s employment formally ended in mid-December after four months of so-called gardening leave.

His successor, James Warburton took home just under $1.18m last financial year as he worked to restructure the debt-laden television and newspaper company.

The bulk of Mr Warburton’s pay consisted of fixed remuneration of $1.13m, plus other remuneration totalling $43,899.

Former chief financial officer Warwick Lynch, who left Seven in mid-January, was paid $737,781 last financial year, which included a termination payment of $352,005.

Seven released its annual report as it posted a near 49 per cent drop in annual underlying earnings to $129.6m, after a 14 per cent fall in revenue to $1.23bn.

Mr Warburton is looking to sell more assets, including Seven West’s TXA joint venture with Nine Entertainment, which owns broadcast towers, and its production company Seven Studios, as part of efforts to pay down its near $500m debt pile.

Seven in the 2020 year offloaded its radio and magazine businesses, plus its Perth newspaper headquarters, raising $150m in total.

In the 2019 financial year, Mr Worner received $2.56m in remuneration and cash payments, plus a bonus of $302,148.