STV executives slugged with 20% salary cut
STV, the Scottish broadcaster, will see its top executives slugged with pay cuts of up to 20% as part of its bid to cut costs.
Meanwhile, it has also announced the appointment of former Channel 4 chief executive, Michael Jackson, as a non-executive director.
It will be his first high-level role in the UK TV industry, since he made the move to the US almost eight years ago.
The voluntary salary cuts at STV will effect chief executive Rob Woodward and chief financial officer George Watt, as well as other senior management.
It will come into effect from May 1 until the end of the year and will also see them waive their rights to bonuses.
The total TV ad market is forecast to be down around 20% in April and May, with STV and ITV1 trading slightly behind the market.
STV chairman Richard Findlay says: “Since 26 February, we have seen no improvement in the market outlook regarding our broadcasting division.
“We will therefore intensify our focus on efficiency improvements and cost reduction activities to effectively manage our cost base and mitigate any shortfalls in this unprecedented and challenging economic environment.”
