PUBLISHING
Murdoch sold
Murdoch Books has been sold to Allen & Unwin for an undisclosed sum, the two publishers reported yesterday. The Murdoch Books owner, Matt Handbury, laid off 26 staff in May saying the online sale of physical books had devastated Australian bookstore and other retail sales. Mr Handbury bought Murdoch Magazines from News Ltd in 1991.
CASINOS
Lahey at Echo
The casino operator Echo Entertainment has appointed the former head of Business Council of Australia Katie Lahey to its board. Ms Lahey's appointment as a non-executive director follows several major departures from the Echo board, including the recently announced resignation of its chief executive Larry Mullin. She is now the managing director of Australasia for global recruitment firm Korn/Ferry International. The Echo chairman, John O'Neil, said Ms Lahey would bring extensive business, government and tourism experience to the board.
FAIRFAX
CEO's payrise
The pay for the Fairfax Media chief executive, Greg Hywood, rose last year despite hard times at the company. Mr Hywood received $2.02 million in base salary, cash bonuses and shares in 2011-12, with the potential to earn another $646,000 in share grants should performance hurdles be met. He earned a fixed $1.55 million in base salary, with $48,000 in superannuation and other benefits in 2011-12, unchanged from the previous year, along with a performance bonus of $420,000. The performance bonus is half of what he was entitled to under Fairfax's compensation scheme, with Mr Hywood volunteering to forgo half the total "given the difficult trading environment".
BRISCONNECTIONS
Toll traffic dips
The Brisbane toll road operator BrisConnections reported average daily traffic of 74,567 vehicles on the Airport Link last month, down from 81,470 in August. The daily traffic volumes on the toll road and tunnel are well below the 135,000 vehicles a day BrisConnection's traffic forecaster, Arup, had predicted would use it just a month after opening. Airport Link was opened in late July.
Frequently Asked Questions about this Article…
What happened to Murdoch Books and who bought it?
Murdoch Books was sold to publisher Allen & Unwin for an undisclosed sum, according to reports in the article.
Why did Murdoch Books lay off staff earlier this year?
Murdoch Books owner Matt Handbury laid off 26 staff in May, saying the online sale of physical books had devastated Australian bookstores and other retail sales.
Who is Matt Handbury and what is his connection to Murdoch businesses?
Matt Handbury is the owner of Murdoch Books; he previously bought Murdoch Magazines from News Ltd in 1991 and made staffing cuts at Murdoch Books amid tough retail conditions.
Who is Katie Lahey and why is her appointment to Echo Entertainment notable for investors?
Katie Lahey, the former head of the Business Council of Australia and now managing director of Australasia for recruitment firm Korn/Ferry International, was appointed a non-executive director of Echo Entertainment. Echo's chairman said she brings extensive business, government and tourism experience to the board.
Are there recent leadership changes at Echo Entertainment investors should watch?
Yes. Katie Lahey's board appointment follows several major board departures at Echo Entertainment, including the recent resignation of chief executive Larry Mullin.
How much did Fairfax Media chief executive Greg Hywood earn in 2011–12?
Greg Hywood received $2.02 million in base salary, cash bonuses and shares in 2011–12. His fixed base salary was $1.55 million, plus $48,000 in superannuation and other benefits, and a $420,000 performance bonus.
Could Fairfax CEO Greg Hywood earn more than the reported $2.02 million?
Yes. The report says Hywood has the potential to earn another $646,000 in share grants if specified performance hurdles are met.
What were the latest traffic numbers for BrisConnections' Airport Link and how do they compare to forecasts?
BrisConnections reported average daily traffic of 74,567 vehicles on the Airport Link last month, down from 81,470 in August. These volumes are well below the 135,000 vehicles a day that traffic forecaster Arup had predicted would use the road a month after opening. The Airport Link opened in late July.
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