Endemol COO steps down

Endemol chief operating officer Tom Barnicoat has left the production company with immediate effect.

Endemol chief operating officer Tom Barnicoat has left the production company with immediate effect.

A statement from Endemol said both parties had mutually agreed that Barnicoat would leave his post. He will not be directly replaced and his responsibilities will be taken on by other members of the Endemol management board.

Barnicoat was appointed chief operating officer of Endemol in January 2005, having previously been chief executive of Endemol UK.

His decision to step down will fuel rumours that he is considering making a bid for Endemol. There has been speculation that he and Endemol UK chief creative officer Peter Bazalgette are considering a management buyout of Endemol.

It is understood that Bazalgette would also have to resign in order to launch an MBO, although he is believed to have told the Endemol board he has no intention of stepping down.

Barnicoat will receive a severance payment of £2.5 million plus a pension contribution of over £190,000 in accordance with his contract.

He will also be entitled to a pro rata portion of the performance shares and stock options granted to him during his tenure with Endemol.