Virgin Media big cheese Steve Burch has grabbed himself a £3.6m parachute and leapt off of the Hindenberg, citing “family and personal reasons” for his unprecedented departure.

Exec types will have noted that ‘family and personal reasons’ is boardroom slang for ’shareholder displeasure with an underperforming investment’, although it is rumoured that his wife is unwell.

Mr Burch, is in line to get a lump sum of around £750,000 along with shares worth more than £2.8 million as a goodbye handshake.

Virgin Media was a venture that promised to change the face of British TV and Broadband forever – the media group has met with stiff resistance from market leaders, particularly Sky. Recently Virgin have attempted to find buyers for the group, but have recently put the brakes on any potential sale due to recent convulsions in the worldwide markets.

Virgin Media chairman Jim Mooney released a statement saying: “Steve has contributed significantly to the transformation of Virgin Media. Since he joined us, the company has emerged as the UK’s only ‘quad-play’ provider.”

Bookmark To:

Similar Posts:

• Virgin extend UK ADSL network
• Branson’s Boys prepare a 50Mbps Broadband Broadside
• Ex-Virgin takes up the reins at Orange
• Virgin approached and offered a nine-figure sum
• Virgin Media do an HMRC