1st Apr 2016 07:29
LONDON (Alliance News) - One Media IP Group PLC on Friday announced the retirement of its Finance Director Nigel Smethers, and said its directors have agreed to a 20% reduction in their salaries due to "current challenges".
The digital media content provider said Smethers is due to retire under rotation at the forthcoming annual general meeting, but added Smethers will stay with the group as company secretary and financial controller until a new finance director is appointed.
One Media also noted its directors have agreed to a reduction in their salaries by 20% in light of the "current challenges" it faces. Earlier this month it posted a decline in pretax profit and revenue for the year ended December 31, which it was "disappointed" with.
One Media said the salary reduction will be reviewed quarterly in line with results.
One Media added it was considering further share options which would vest subject to the achievement performance criteria, in order to "reward key employees and directors of the company".
Shares in One Media were untraded on Friday, having last traded at 4.55 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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