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CTC Media settles dispute -
CTC Media settles dispute
By Chris Dziadul
December 22, 2009 08.19 UK
Russia’s CTC Media has finally settled its dispute with Alexander E. Rodnyansky, the company’s former CEO, president and non-executive director. According to the terms of the settlement, Rodnyansky has resigned from CTC Media’s board of directors with immediate effect.
He has also forfeited one third of the stock appreciation rights granted to him in 2003 and one third of the vested stock options granted in 2006.
The company will settle the remaining stock appreciation rights by issuing Rodnyansky with 2,072,533 common shares and paying him $25.9 million (€18.1 million) in cash.
CTC Media filed complaints against Rodnyansky in two US courts last December, claiming he was offering his services to a competitor. According to CTC Media, the settlement does not constitute an admission of liability by any party.
CTC Media, which is backed by Sweden’s MTG, is one of the leading commercial broadcasters in Russia.