Litigation is a machine which you go into as a pig and come out as a sausage - Ambrose Bierce, allegedly
UK CABLE TV AND INTERNET EXECUTIVE, Virgin Media CEO Neil Berkett will walk off from his post £57.7m richer following the buyout of Virgin Media by Liberty Global.
That's according to a regulatory filing by Liberty Global that spells out what it costs to kick a CEO out of his corner office.
Neil Berkett, soon to be called Sir and ushered everywhere in long cars and onto red carpets, will get about £13m in cash from Liberty as well as lavish benefits to cushion the blow of retirement. Other benefits add up to an extra £44.6m, or more money than you could possibly imagine.
Virgin Media confirmed the details of the golden goodbye, saying that Berkett had done a great job during his time there. "Payment for performance," said a spokesman.
Berkett will have been deep in the negotiations between Virgin Media and Liberty Global, and he was chuffed to announce the acquisition and the impact it will have on shareholders' income last month.
"Virgin Media has transformed the digital experience of millions of customers, catalyzed a deep-rooted change in the UK's digital landscape and delivered impressive growth and returns for our shareholders. I'm confident that this deal will help us to build on this legacy," he said.
"Virgin Media and Liberty Global have a shared ambition, focus on operational excellence and commitment to driving shareholder value. The combined company will be able to grow faster and deliver enhanced returns by capitalizing on the exciting opportunities that the digital revolution presents, both in the UK and across Europe." µ
Sign up for INQbot – a weekly roundup of the best from the INQ