Outgoing Virgin Media boss pockets millions through Liberty Global deal
Neil Berkett the outgoing CEO of Virgin Media, who is currently overseeing the takeover of the company by Liberty Global, will get paid, when leaving, the equivalent of £58 million. Berkett will be rewarded about £13.2 million in cash and stocks and another £45.2 million as part of rewards and operations of an incentive plan. Virgin Media and Liberty Global look it as a payment for performance, as Berkett is generally credited with pulling Virgin Media out of bankruptcy in 2003. Ever since, the cable operator has witnessed its share price tripling and customer-base too increasing. Virgin Media’s sale to the US cable television giant not only benefits boss Berkett but also more than 4,000 of their staff, besides the founder of the Virgin empire, Richard Branson. A number of workers including call centre staff to senior executives, who had signed-up to the share scheme in 2009, are reaping the benefit. Berkett’s belief in the company and also accumulating shares over the years, is now benefiting him through this transaction.