DIRECTV Announces New Employment Agreement With Chase CareyNEW YORK--(BUSINESS WIRE)--Aug. 9, 2007--The DIRECTV Group, Inc. (NYSE: DTV) announced today that Chase Carey, the company's president and CEO, has agreed to a new three-year employment contract. The agreement is effective today and continues through Dec. 31, 2010.
"The past three years have been an amazing time of change and growth for both me and the company," said Carey. "I consider myself fortunate to work with such a strong group of employees, who are among the sharpest and most tenacious in the business, as well as our board of directors, who have provided great support and guidance. I'm proud of our accomplishments and also realize there's still much hard work to be done. I look forward to the excitement, challenge and fulfillment that will come over the next few years."
"I've had the pleasure of working with Chase for almost 20 years and admire and respect him, both as a business leader and personally," said Rupert Murdoch, chairman and CEO of News Corporation. "He has demonstrated superb leadership and sharp business acumen in a wide variety of businesses throughout his career and has contributed significantly to both DIRECTV and News Corporation."
"We are pleased that DIRECTV will continue to benefit from Chase's strong leadership," said John Malone, chairman, Liberty Media Corporation. "Since joining DIRECTV in 2003, Chase has overseen the growth of the company in an increasingly challenging environment and enabled it to build on its leadership position in the business. I look forward to working with Chase as we take DIRECTV to new heights for both its customers and shareholders."
Carey joined DIRECTV (formerly Hughes Electronics Corporation) as its president and CEO in December 2003 from News Corporation. Under Carey's leadership, DIRECTV successfully restructured its business to focus on its digital television services in the United States and Latin America. Consolidated revenues from these operations have grown from approximately $8.2 billion in 2003 to approximately $14.7 billion in 2006, owned and operated subscribers have increased during that period by more than 5 million in the US and 1.5 million in Latin America, the company has gone from a net loss of about $1.95 billion in 2004, to net income of more than $1.4 billion in 2006, and its market capitalization has increased by more than 50% to about $26 billion.
Source: DIRECTV Investor Relations
"The past three years have been an amazing time of change and growth for both me and the company," said Carey. "I consider myself fortunate to work with such a strong group of employees, who are among the sharpest and most tenacious in the business, as well as our board of directors, who have provided great support and guidance. I'm proud of our accomplishments and also realize there's still much hard work to be done. I look forward to the excitement, challenge and fulfillment that will come over the next few years."
"I've had the pleasure of working with Chase for almost 20 years and admire and respect him, both as a business leader and personally," said Rupert Murdoch, chairman and CEO of News Corporation. "He has demonstrated superb leadership and sharp business acumen in a wide variety of businesses throughout his career and has contributed significantly to both DIRECTV and News Corporation."
"We are pleased that DIRECTV will continue to benefit from Chase's strong leadership," said John Malone, chairman, Liberty Media Corporation. "Since joining DIRECTV in 2003, Chase has overseen the growth of the company in an increasingly challenging environment and enabled it to build on its leadership position in the business. I look forward to working with Chase as we take DIRECTV to new heights for both its customers and shareholders."
Carey joined DIRECTV (formerly Hughes Electronics Corporation) as its president and CEO in December 2003 from News Corporation. Under Carey's leadership, DIRECTV successfully restructured its business to focus on its digital television services in the United States and Latin America. Consolidated revenues from these operations have grown from approximately $8.2 billion in 2003 to approximately $14.7 billion in 2006, owned and operated subscribers have increased during that period by more than 5 million in the US and 1.5 million in Latin America, the company has gone from a net loss of about $1.95 billion in 2004, to net income of more than $1.4 billion in 2006, and its market capitalization has increased by more than 50% to about $26 billion.
Source: DIRECTV Investor Relations
