Capital Radio's Mansfield paid 28% rise despite fall in listeners
Friday 26 December 2003
David Mansfield, the chief executive of Capital Radio, enjoyed a 28 per cent pay rise in 2003 despite the company losing its slot as London's number one radio station.
Mr Mansfield was paid £487,000 in 2003, compared with £381,000 in 2002, according to the company's annual report and accounts posted on its website.
His total pay included bonus and benefits in kind worth £104,000. Capital announced in November that annual turnover had fallen to £115.3m from £120m the year before, while profits fell to £22.8m from £27.8m.
During the year Capital also lost its talismanic breakfast show DJ, Chris Tarrant, who has been replaced by Johnny Vaughan. Mr Mansfield has also put in place new management at Capital's London station to boost its fortunes.
However, in many people's minds a more significant development during the year was the fact that Heart, the FM station owned by Chrysalis, overtook Capital as the leading station in London.
According to Rajar audience figures for the last quarter, Capital's audience share slipped to 7 per cent from 8.9 per cent while Heart's rose from 6.7 per cent to 7.2 per cent.
Capital said Mr Mansfield's pay rise was partly the result of a study it commissioned by Monks, the pay consultants, which found that Capital's boardroom pay was out of line with its peer group in the media sector.
As well as an increase in his basic salary, the company said Mr Mansfield was entitled to higher remuneration under the terms of his incentive scheme.
A spokeswoman for Capital also pointed out that Mr Mansfield had seen his pay fall in 2001 to £373,000 from £710,000 in 2000. She said Mr Mansfield had not taken a bonus in 2001 or 2002 because of the poor performance of the advertising market.
The company's share price has improved since hitting a low of 357.5p in March. The stock market hopes to see a sustained improvement in advertising in the coming year, leading to an improvement in Capital's performance.
Mr Mansfield has been keen to remind the stock market that Capital is more than just the eponymous London station, with the company owning a string of other regional stations.
At its annual results, he delivered an upbeat assessment of the company's prospects, revealing that advanced advertising sales for December were well ahead of last year.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
iJobs Money & Business
£40000 - £50000 per annum + benefits+bonus+package: Harrington Starr: SQL Impl...
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...