Knapp sitting pretty until Xmas

29 Sep 2003

Barclay Knapp, the former CEO of troubled British cable company NTL, is being paid USD6,000 a day until the end of the year by his former employer to act as a consultant. Mr Knapp was paid USD2.1 million severance under a ‘termination without cause’ agreement on his departure last month. The details of the payout emerged from an SEC filing relating to NTL’s proposed USD1.05 billion rights issue that aims to help the group rebalance its spreadsheet by repaying some of its high interest debt commitments.

United Kingdom