Mar 16, 2010

NY Times cut 100 jobs yet paid CEO $4.9 million in 2009

Last October the New York Times announced it would cut 100 newsroom jobs -- about 8 percent of the total -- by year’s end, offering buyouts to union and non-union employees. They said they would resort to layoffs if it could not get enough people to leave voluntarily as reported in the second link below.

Today it was reported that:

An analysis by The Associated Press shows that New York Times Co. CEO Janet Robinson got roughly $4.9 million in compensation in 2009.

Robinson's base salary fell 4 percent to $962,500. But she got a bonus of about $2.3 million, four times the size of her 2008 bonus.

That’s not counting stock options. Of course stock options would not amount to much. The current price of New York Times stock is less than $12 - with a 52 week low of $4.05.

At $4.05 per share, the stock is worth less than the newsstand price of the Sunday edition, which is $5.00.

Janet Robinson’s compensation is pretty hefty for a financially floundering newspaper.

Link here and here.