Paolo Vasile stepped down as CEO of Mediaset España on 31 December The owner of Telecinco closed a period that has lasted more than 20 years and in which the company managed to be audience leader for several seasons in a row and made multi-million profits.
The Italian executive will not leave with empty pockets after this long period at the helm of Silvio Berlusconi’s company. He will receive a minimum of 6 million euros, as approved by Mediaset España’s Appointments and Remuneration Committee last year.
At that meeting it was proposed to the board of directors to renew Vasile for four years. However, the committee was also reminded that the veteran executive – who is 70 years old – could be facing his last term in office, so it was appropriate to set a compensation that recognised his “magnificent management” over the past 22 years.
Among other milestones achieved, the Committee cited the 2004 IPO, the profits generated in excess of 3.6 billion euros under his leadership, the acquisition of Cuatro and the “successful transition” from analogue to digital television.
For all these reasons, the Appointments and Remuneration Committee proposed to the Board of Directors to include a clause in Vasile’s contract that would recognise a compensation of three years’ remuneration of no less than 6 million euros. This proposal was unanimously accepted, without Vasile’s presence on the board, from which he was absent while the financial terms of his departure were being discussed.
The company’s Board of Directors agreed on a compensation for the Italian executive’s “magnificent management” over two decades.
For the time being, Mediaset España assures that it has not paid any amount to Vasile in connection with his departure. It will do so after the General Shareholders’ Meeting, which is usually held in April.
Apart from this compensation, Paolo Vasile received last year a remuneration as CEO of Mediaset España of 1.8 million euros, slightly lower than in 2021. Borja Prado, President of the company, received 1.5 million euros, while Massimo Musolino (CEO) received close to one million euros.