Perry A. Sook is the company’s President/CEO. He is also its founder.
His contract, which had a little less than a year to go, with an expiration date of 1/15/16, will now run to 2019.
His salary will be static, but gives him the opportunity to increase his personal income via performance bonuses.
Commenting on the agreement, Geoff Armstrong, Nexstar Broadcasting Compensation Committee Chairman stated, “Under Perry’s leadership, Nexstar has grown to be a top ten local broadcast television company with a growing portfolio of complementary digital media operations. Throughout his tenure, Perry has built the Nexstar platform through a combination of accretive acquisitions, industry leading innovation and the establishment of disciplined operating procedures. By doing so, Nexstar has become a leader in serving viewers and businesses in the markets where it operates while simultaneously building long-term shareholder value and a growth pipeline that is expected to extend the Company’s success. On behalf of the entire Board of Directors, we are grateful to Perry’s contributions and look forward to the continued benefit of his vision and commitment to the company’s viewers, advertising clients and shareholders.”
Meanwhile, the company is boosting its quarterly dividend benefit by 26.7% to $0.19 per share. The first payment at that level will go to sharholders of record as of 2/13/15 and will be distributed 2/27/15.
Sook commented, “The increased dividend underscores Nexstar’s commitment to return capital to shareholders and create shareholder value. Since declaring our first dividend in 2013, the Board has authorized annual dividend increases in 2014 and 2015 and we expect to continue this approach going forward. Importantly, we believe the total capital allocation for the dividend relative to our projected free cash flow continues to afford the Company the liquidity and financial flexibility to further expand our marketing solutions platform through additional accretive station and digital media acquisitions, reduce leverage and undertake other initiatives that enhance long-term shareholder value.”