At last, some news after the holidays.
Greg Maffei will continue as President and CEO of Liberty Interactive Corp., parent of QVC, and Liberty Media Corp. through 2019, the companies said Monday.
Their boards approved new employment arrangements with Maffei.
“We are extremely pleased that Greg will continue in his leadership role for another five years,” Cable cowboy John Malone, chairman of Liberty Interactive and Liberty Media, said in a canned statement. “His creativity and strategic vision have been transformational and have created tremendous shareholder value since he joined us in 2005.”
Maffei, usually a man of few words, had his own quote, although he didn’t say much, other than brown-nosing his bosses.
“I am thrilled to continue in my role at Liberty,” Maffei said. “I want to thank John and the board members for the support I have received as we have made significant investments and transformative changes. Today, Liberty has a portfolio of businesses that are very well-positioned for the digital mobile era, led by great management teams, with the resources to be opportunistic in the future.”
Under the Maffei’s new deal, he will get an annual base salary of $960,750, increasing annually by 5 percent of the prior year’s base salary, and an annual target cash bonus equal to 250 percent of the applicable year’s base salary.
He also has the opportunity to earn annual performance-based equity incentive awards during the employment term. And they are sweet.
Liberty Interactive operates and owns interests in a broad range of digital commerce businesses attributed to two tracking stock groups: the QVC Group and the Liberty Ventures Group.
The businesses and assets attributed to the QVC Group (Nasdaq: QVCA, QVCB) consist of Liberty Interactive’s subsidiary, QVC Inc., and its interest in HSN, Inc., and the businesses and assets attributed to the Liberty Ventures Group (Nasdaq: LVNTA, LVNTB) consist of all of Liberty Interactive Corporation’s businesses and assets other than those attributed to the QVC Group, including its interest in Expedia, its subsidiaries Provide Commerce, Backcountry.com, Bodybuilding.com, CommerceHub, LMC Right Start and Evite, and minority interests in Time Warner, Time Warner Cable, Lending Tree and Interval Leisure Group.