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New York Times Keeps Status Quo On Exec Salaries; Tucks In Small Bonus

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imageIn keeping with the times, The New York Times Company (NYSE: NYT) didn’t increase exec salaries for 2008, the third consecutive year they have remained the same. In a proxy filing with SEC earlier today, the company detailed some of those numbers for top management and company directors. Family owner and Chairman Arthur Sulzberger Jr. will earn a base salary of about $1.09 million this year, while CEO Janet Robinson will earn $1 million, the same they have been earning since 2006.

But that doesn’t mean they don’t get some extra perks tucked in: according to the filing, Sulzberger did get a one-time discretionary bonus of $38,045, and Robinson received $35,000, both explained as “[r]ecognizing the impact of a multi-year salary freeze.” Sulzberger’s complete package, including stock and option awards, as well as deferred compensation, also fell for the second year in a row to $2.4 million in 2008, from $3.4 million in 2007, while Robinson’s total package rose to $5.8 million from $4.1 million. The base salaries for execs will remain the same for 2009 as the well, the filing said.

This comes as the troubled newspaper company has been trying to pay off its hundreds of million in debts, as well as compensate for the loss in ad revenues. Earlier this week, it announced that it had reached a deal on the sale-leaseback of its midtown headquarters, which would give it $225 million; that move followed <a href="http://www.paidcontent.org/entry/419-nyt-gets-250-million-cash-infusion-from-carlos-slims-banco-inbursa" title="last month

3 Responses to “New York Times Keeps Status Quo On Exec Salaries; Tucks In Small Bonus”

  1. Garbanzo

    Of course, what was swept under the rug was that they gave Russ Lewis, the former CEO, two full years of salary and bonus to get him out of the way for Janet to come in and sink the company. Good move, Pinch!

  2. Carlos Slim is a very smart man. He's positioned himself as the most senior debt holder in case of bankruptcy which puts him in position to take over when/if bankruptcy happens. I wonder if Janet and Arthur know that and are just trying ot milk the shareholders for as much salary as possible before the ship goes down. Mind boggling that they'd give themselves bonuses in lieu of raises when they've frozen salaries for much more junior staff all through the company. That's the kind of suicidal PR move you make when you just don't care anymore and just want to line your own pockets one last time.