E.W. Scripps said its board of directors approved a new employment contract for CEO Adam Symson that runs through December 31, 2027.
The new pact replaces a three year deal that began January 1, 2020.
Symson has been CEO since August 2017. He expanded the broadcaster’s operations by buying Ion Media and establishing a new National Networks division. He also sold the company’s radio and podcasting units.
Symson’s received $7.353 million in total compensation for 2021.
Kim Williams, chair of the E.W. Scripps board said the company’s approach to executive pay places a strong emphasis on variable compensation, in order to align management’s interest with those of its shareholders.
“Adam’s vision and leadership have continually delivered shareholder value through forward-looking strategies that have transformed the company’s financial profile and positioned it for further growth and success,” said Williams. “He is widely respected nationally as an accomplished media executive and a proponent of the First Amendment protections of free press and free speech, and he has fostered a mission-based, performance-focused and inclusive workplace culture. We appreciate Adam’s leadership, and we are pleased to be extending his tenure leading the company.” ■
