Lowe Gets 46% RaiseStock Awards Boost Scripps Networks Chief’s Take to $14.2M 4/08/2013 6:20 AM Eastern
Scripps Networks Interactive chairman and CEO Ken Lowe received $14.2 million in total compensation in 2012, a 46% increase over the $9.7 million he received in the previous year, according to a proxy statement file Monday.
Lowe received a slight increase in his annual salary – to $1.25 million from $1.2 million the year before – but stock awards appeared to make the biggest difference in 2012. According to the proxy statement, Lowe received $7.4 million in stock awards in 2012, more than double the $2.9 million he picked up in 2011.
Scripps Networks stock was up about 40% for the year. The programmer – which reached a comprehensive carriage agreement with Comcast in July –also has significantly boosted spending for new original shows and has made strides in increasing carriage fees for all of its networks.
Scripps Networks president John Lansing, who played a big role in negotiating deals for bigger affiliate fees for its flagship Food Network and HGTV channels – received a 43% increase in total compensation for the year, to $5.6 million from $3.9 million in 2011. Lansing’s stock awards also more than doubled for the year, from $1.1 million in 2011 to $2.5 million in 2012.
Chief financial officer Joseph NeCastro received $4.3 million in total compensation, a 19% rise from the $3.6 million he picked up in 2011, and EVP operations and chief technology officer Mark Hale received $1.8 million in total compensation, up from the $1.7 million he received in 2011. Former chief legal officer and corporate secretary Anatolio Cruz received $4.8 million in total compensation, more than double the $2 million he received in the prior year. Cruz’s employment terminated on Dec. 14, 2012 according to the proxy statement , and he received $2.8 million in other compensation in 2012, mainly his severance agreement and vested equity awards.