TVNZ members disappointed with CEO salary increase

TVNZ members disappointed with CEO salary increase

TVNZ members of the unions, E tū and the PSA today expressed disappointment that Chief Executive, Kevin Kenrick had accepted salary and bonuses which increased his pay by $500,000 whilst overseeing falling revenues at the state-owned broadcaster.

TVNZ’s net profit for the year declined 89 percent – from $12.7m in 2016 to just $1.4m.

The news of Mr Kenrick’s 16 percent pay rise came as members were presented with a 1 percent increase for the same financial year.

It also comes on the back of an incoming Labour-led government promising to address growing inequality in New Zealand.

This year, staff have been through restructuring which resulted in the loss of more newsroom jobs and other positions across the wider business, in an effort to cut costs to off-set revenue declines.

Union representatives said employees had risen to the challenge of delivering quality content with fewer resources.

But they said they considered the Chief Executive’s remuneration deeply cynical in light of a volatile media environment and where TVNZ staff have been offered a pay rise that doesn’t even keep pace with the cost of living.
ENDS

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