Scripps Extends Lowe’s Contract Through 2019
Scripps Networks Interactive said it extended the contract of CEO Ken Lowe but noted that the board could name a successor before the new deal expires.
In a filing with the SEC Friday, Scripps said Lowe’s new deal runs through Dec. 31, 2019. He will serve in his current roles as chairman, president and CEO through Jan. 1, 2019, or the date that the board appoints a new CEO. If a new CEO is named, Lowe, 65, will serve as executive chairman of the board until Dec. 31, 2019 and then retire.
Lowe’s base salary will be $2 million annually, subject to reduction in certain circumstances. His target annual incentive opportunity will be 200% of base salary. His annual long-term equity incentive grants will have a targeted value of 275% of his annual base salary.
Lowe also gets a one-time award of performance-based stock unit worth $10 million and another award worth $2.5 million.
The agreement includes non-competition, confidentiality and non-solicitation provisions.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.