SEC Watch: Top NYTCo Execs’ Wages Soar

6 Comments

Credit: NY Times

While the NYTCo (NYSE: NYT) struggled under the weight of economic pressures and debt last year, top execs personally did pretty well, even as the company reduced its newsroom by 100 staffers. As the company’s recent Q4 results showed, cost-cutting led to greater profitability and that appears to show in the compensation of chairman and publisher Arthur Sulzberger, Jr., and president/CEO Janet Robinson, according to the NYTCo’s latest SEC filing.

In total ’09, Sulzberger’s compensation was $5,986,738, more than double the $2,331,599 he earned last year. His base salary for last year was $1,046,238. Robinson did even better, earning a total of $6,262,755, which included a base salary of $962,500, for a significant 31.9 percent rise in earnings over last year’s $4,753,314.

Other execs also did pretty well. Michael Golden, vice chair and COO of the Regional Media Group, took home a total $2,400,841, which was a 71 percent gain over the $1,496,959 he got in ’08. CFO Jim Follo earned a total $1,297,269 last year, a 20 percent rise over the $1,096,794 the year before that.

Update: The changes in compensation for the past year may reflect an attempt to balance things for the top execs after the quarterly dividend suspensions for Class A and Class B shares in Feb. ’09 and Nov. ’08. After months of speculation from investors and analysts, the company eventually had to pullback on its generosity. But it may have found another way to make up for the temporary reduction in its largesse.

6 Comments

FormerNYT

You make your bed and you lie in it. The new paradigm in media doesn’t support a 20% plus profit margin. All those high fixed costs are the result of thinking the monopoly on news would go on forever, just like all the lenders and borrowers thought housing prices would go up forever.

Dave P

Jim deserves it, I think. He’s been able to manage the financials through a tough straight. It’s too easy to blame NYT management, but the facts are they have to play with a lousy hand; falling print revenue, big (over paid) union workforce, high fixed costs, etc. I’m sure they’d love to just ditch their pension obligations like so many airlines and auto companies have done.

mediacynic

they are bulking up their personal fortunes on the back of their employees as they prepare for the inevitable take-over by loan shark Carlos Slim….who will be the next and last publisher of The NY Times.
Can you even fathom folks LESS worthy of running this iconic media company than Pinch and Co?

FromIHTParis

Meanwhile, New York Times Media Group employees at the IHT receive bonuses only on earned revenues, not on cost-cutting — why not make the criteria for bonuses the same at all levels? Our department, too, cut costs — but we haven’t been rewarded for this.

E Mc Connell Sr

as a former nyt employee and press room supervisor in the pressroom it saddens me to here so many of there staff had been let go. And then give them such huge bonus to justify there cuts in the people they let go.Shame on their management.

Arthur Ochs

Astonishing that Carlos Slim, the Mexican billionaire who owns the New York Times, would allow those fumbling clowns to reward themselves for failure…

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