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The New York Times Company (NYSE: NYT) is laying off some 100 NYT business-side employees and cutting non-union salaries across the board. NYFishbowl has the memo, which also outlines a “temporary” 5 percent salary reduction for all non-union employees at the NYT. In an attempt at softening the blow, NYT execs say staffers can take an additional 10 personal days off over the next nine months. The memo contains a promise that salaries will return to current levels next year, adding, “Of course, such a decision depends on the state of our business.”
Staci adds: The salary cuts affect all non-union employees across the company — including executive officers — but at varying degrees. The only exception, according to the company, is the International Herald Tribune, which is taking other cost-cutting measures. NYTCo didn’t mention the layoffs in an SEC filing but said the salary cuts would cover executive officers as well. Effective April 1, the salaries of Chairman Arthur Sulzberger, Jr., CEO Janet Robinson and others will drop 5 percent. According to the 2009 proxy, Sulzberger’s base salary for 2008 was $1,087,000, while Robinson’s was $1 million. Sulzberger and Robinson distributed their own company-wide memo.
The salary hits for non-union employees differ by division. From the filing: “The salaries of these employees at the Company