Summary
This Form 8-K filing by Discovery Communications, Inc. (Discovery) on May 25, 2011, details an amendment to the employment agreement of Peter Liguori, Chief Operating Officer. The amendment, effective May 16, 2011, significantly expands Mr. Liguori's role by appointing him as Interim CEO of the company's joint venture, OWN LLC. This strategic move suggests a focus on bolstering the performance and leadership of the OWN venture. In conjunction with these new responsibilities, Mr. Liguori is eligible for a one-time performance bonus tied to OWN's 2011 results, with a target of $500,000 and a guaranteed minimum of $250,000. The filing also outlines provisions for prorated bonus payments under specific termination scenarios and covers certain relocation and housing expenses for Mr. Liguori. Investors should monitor the performance of OWN LLC under this new interim leadership, as it appears to be a key area of focus for Discovery.
Key Highlights
- 1Peter Liguori, COO of Discovery Communications, Inc., appointed Interim CEO of OWN LLC.
- 2Amendment to Mr. Liguori's employment agreement is effective May 16, 2011.
- 3Mr. Liguori is eligible for a one-time bonus of up to $500,000 based on OWN LLC's 2011 performance.
- 4A minimum bonus of $250,000 is guaranteed for Mr. Liguori regarding OWN LLC performance.
- 5Bonus will be paid in 2012, with provisions for prorated payment if employment terminates before year-end under certain conditions.
- 6Discovery will provide $60,000 towards Mr. Liguori's D.C. apartment and cover household item moving expenses to Los Angeles.