Lord
Hollick, the outgoing chief executive of United Business Media, which
owns B2B publisher CMPi, has been forced to decline a £250,000 leaving
bonus following outrage from investors.
Hollick, who has headed
up the company for 31 years, announced his decision to waive the cash
this week after 76 per cent of shareholders voted against awarding the
bonus as a reward for a successful handover to successor David Levin.
In
a statement, he said: “I would like to thank the board of UBM for the
bonus they awarded me for a successful handover and for significantly
increasing shareholder value during the six-month transition period.
“The
majority of shareholders have, however, now expressed their disapproval
of the bonus and I have accordingly asked the company not to pay it.”
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