Bermuda-based Central European Media Enterprises (NASDAQ:CETV) got two new CEOs today.
On Sunday, the company, which goes by the moniker CME, announced it had appointed Christoph Mainusch and Michael Del Nin to become its co-CEOs effective today. Del Nin, who who has served on CME's Board of Directors since 2009, will fulfill the traditional role of a CEO, being in charge of corporate matters. Mainusch's functions will be more in the line of a chief operating officer, with the company saying he will focus primarily on operations.
The company announced last month that CEO Adrian Sarbu, who had been with the company since 1995 and CEO since 2009, had resigned.
CME operates its media and entertainment business in six Central and Eastern European markets with a combined population of 50 million. Those markets are: Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic, and Slovenia.
In a recent filing with the SEC, CME disclosed that it will be paying both new CEOs annual salaries of $800,000 each, plus:
- A $200,000 bonus for 2013
- Ongoing annual bonuses targeting 100% of base salary
- Restricted stock units having a fair market value of $300,000 in December
- $400,000 worth of restricted stock units in 2014
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Why Central European Media Enterprises Ltd. Jumped 22% Today
Bottom-line losses were reduced by strong advertising sales in Bulgaria and Romania, coupled with a healthier balance sheet and lower interest payments.
Why Range Resources, Central European Media Enterprises, and TG Therapeutics Jumped Today
Despite a down market, these stocks climbed. Find out why.
Why Shares of Central European Media Enterprises Ltd. Jumped
Is this meaningful? Or just another movement?