Levy’s £4.6 Million Sweetener

EMI paid ousted chief exec Alain Levy £4.6 million to get rid of him, according to the U.K.’s The Guardian.

The paper drew its figures from the company’s annual report to shareholders, which showed Levy receiving £2.5 million "compensation" for the loss of his job, a £1.1 million "incentive remuneration" and his £912,000 basic salary.

The report also says Levy is entitled to receive the value of retirement benefits and benefits in kind for one year after his termination.

Previously working with EMI vice chairman David Munns on cost-cutting initiatives, both found themselves victims of them when chairman Eric Nicoli took over the chief exec’s role in January.

Two years ago, EMI played down criticism of its decision to give Levy a 43 percent raise on the grounds it would prevent him from being poached by a rival, and ensure the company keep him until at least 2009.

The EMI board last month recommended shareholders accept a 265 pence per share offer for the company from Guy Hands’ Terra Firma private equity firm.

Shareholders look to be waiting to see if Warner Music or another party comes in with a counter-bid.