NTL's Carter pockets £1.7m

12 April 2012

NEW Ofcom chief Stephen Carter conveniently quit NTL just 10 days before his 24-month contract would have reverted to one year. That enabled him to net an extra £413,000. He also timed his departure so that he would get a loyalty bonus of more than £400,000.

Though NTL was effectively bankrupt, Carter walked away with a £1.7m golden goodbye. This will disgust shareholders who lost virtually all their money and might have expected Carter to share the pain. He will now preside over the new media and telecoms regulator, earning over £300,000 a year. Ofcom chairman Lord Currie was aware of Carter's pay-off, but did not object.

Carter, 38, won praise for cost-cutting at NTL. He resigned in early November last year, but worked until the end of December. Shareholders might say this is because he was obliged to stay at NTL throughout 2002 to get his retention bonus.

On 10 January, NTL reemerged from bankruptcy protection and shortened all directors' contracts to 12 months.

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