New Mi9 CEO imposes staff pay freeze as he looks to review the business
Alex Parsons
The new CEO of Nine Entertainment Co’s digital division Mi9 Alex Parsons has instituted an across the board pay freeze, in one of his first moves at the helm of the operation.
At the end of last week Parsons, who has taken the helm from Mark Britt, sent an email to staff explaining there would be major changes to remuneration following last year’s float on the stock market and the upcoming profit announcement next week.
In the email Parsons informs staff that their bonuses will be paid in September but that he is putting all future bonuses on hold indefinitely arguing: “as you may know Mi9 is a very complex business and I need to take some time to understand a holistic view of the business, its performance and financials prior to proceeding with any major financial changes including remuneration changes.”
Hi everyone,
Surely just his own pay then – everyone else seems to have left?
A pay freeze! That’s sure to get the entire team right behind you in your first week… (Pay freeze, upcoming profit announcement, fast departing CEO – that can only mean one thing…)
Or they are actively managing the massive pay disparity between nine and mi9 staffers prior to merger of the teams.
#sinkingship
I can’t see any problems with the strategy. I was thinking of a $7 co=payment for the privilege of working there.
Focus on proft before revenue = cost cuts. This is just the start.
Tethered to a dinosaur, perhaps no worse fate for a digital business.