December 28, 2009, 12:00 AM

E-retail site operator Liberty Media extends CEO’s term for five years

The board of directors of Liberty Media Corp., parent company of QVC Inc., Backcountry.com and Bodybuilding.com, has agreed to extend the tenure of president and CEO Gregory B. Maffei through 2014.

Liberty Media Corp.’s board of directors has agreed to extend president and CEO Gregory B. Maffei’s contract through 2014.

"Liberty has accomplished much in the four years since Greg joined, efficiently liquidating passive investments, completing transactions that have transformed the company, setting us on a good course for the future, and delivering substantial shareholder value,” says John Malone, chairman of Liberty Media, parent company of QVC, No. 11 in the Internet Retailer Top 500 Guide, (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name), as well as Backcountry.com and Bodybuilding.com.

The arrangement between Maffei and Liberty includes a starting base salary of $1.5 million per year, which increases annually by 5%, and an annual cash bonus of up to 200% of his salary. In December, Maffei also received a one-time grant of options to purchase 8,743,000 shares of Series A Liberty Interactive common stock, 760,000 shares of Series A Liberty Starz common stock and 1,353,000 shares of Series A Liberty Capital common stock.

A formal employment agreement is pending, according to a recent filing with the U.S. Securities and Exchange Commission.

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