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In the wake of disappointing quarterly results, French commercial broadcaster TF1 has announced that Nonce Paolini is leaving his role as Chairman and Chief Executive Officer of TF1 with effect from February 19th 2016.
In accordance with recommendation no. 2012-02 issued by the AMF (the French markets regulator), TF1 is disclosing the financial terms of his departure from the TF1 group.
In a Statement, the company said he will receive remuneration of €360,000 in respect of the 2016 financial year, representing the fixed portion of his remuneration until the end of May 2016. This remuneration will not be supplemented by any variable compensation.
“As of today, Nonce Paolini does not hold any options or performance shares awarded by the TF1 Board of Directors. The Board of Directors did not grant Nonce Paolini any entitlement to severance benefits or non-competition indemnities. Following payment of the retirement benefit specified in the collective agreement that governs the employment contract between
Bouygues and Nonce Paolini, Bouygues and TF1 have agreed to split that amount between them in proportion to the time spent by Nonce Paolini working in each of the two companies. Consequently, Bouygues will invoice TF1 the sum of €1,315,000. Nonce Paolini will also receive a supplementary pension of €186,700 per year. No provision was set aside by TF1 for this supplementary pension, which takes the form of an insurance policy with an insurer from outside the Group,” said TF1.