The same company document specifies that CME will pay half the amount, while Pro TV will supply the remaining half. Furthermore, as of January 1, 2008, Sarbu will receive a bonus equal to 100 percent of his annual base salary, if he reaches quantitative performance targets based on the EBITDA set forth in CME’s approved budget, and a further 50 percent bonus if achievements exceed targets by five percent. Thus, in the event that Sarbu tops CME-imposed quantitative targets by the end of 2008, his annual revenue could top $3 million. Upon his appointment as COO, following a 1.8-month activity as CME’s Regional Manager for Central and Eastern Europe, Sarbu is the Romanian with the highest hierarchical position in a listed company. CME is listed on the NASDAQ and the Prague stock exchange and has a market value of $4.6 billion (some €3.2 bln).
Sarbu’s annual income is equivalent to that of the Vice President of chocolate producer Hernsey CO, David J. West ($1.33 million per year), in a company with $9.5 billion market capitalization. West’s salary is a mere 6.82 percent of that of the company president, while Sarbu earns as much as CME’s CEO Michael Garin. Once Sarbu was appointed as COO, Garin’s base salary was downgraded to $1.2 million, with equal performance bonuses.
Adrian Sarbu, founder of Media Pro group of companies, has been a CME partner since 1995, managing CME operations in Romania for the past 12 months. The company operates several TV stations through Pro TV S.A., such as Pro TV, Acasa TV, Sport.ro, Pro Cinema, and Pro TV International.
CME owns 95 percent of each of the companies Media Pro, Media Pro International, and Media Vision. Adrian Sarbu has the right to sell the remaining shares to CME , for a minimum price of $1.45 million for each one percent interest sold. This preemption right is exercisable as of November 12, 2009 for a twenty-year period.
