How ironic. The paper that led the crusade against excessive executive pay and bonuses, is just as guilty as those that it regularly assails. The New York Times with over $1.3 billion in debt and only $34 million left in the piggy bank managed to pay some hefty bonuses to top executives.
According to the Huffington Post: ” According to the New York Times proxy statement filed with the Securities and Exchange Commission, corporate president and CEO Janet L. Robinson received a total compensation package valued at $5.58 million in 2008, up well over a million from the $4.14 million she received in 2007, and the $4.4 million she received in 2006.
Robinson’s $1 million base salary has remained the same for three years. In 2008, Robinson’s total compensation included, in addition to her base salary: $1.6 million in stock awards, $1.5 million in options, a $35,000 bonus, $562,500 from the non-equity incentive plan, $898,171 from the “Change in Pension Value and Non-qualified Deferred Compensation Earnings,” and “other compensation” of $46,368.
A number of NYT staffers contacted said that there was considerably more resentment voiced on the newsroom floor, and in newspaper guild meetings, about Robinson’s pay than about compensation awarded to Arthur Sulzberger Jr., the NYT board chairman and publisher.
Staffers noted that even though Sulzberger received bonuses and other compensation more than doubling to $2.4 million his base salary of $1,087,000, his total compensation package has declined substantially over the past three years from $3.4 million in 2007 and $4.4 million in 2006. In addition to his 2008 base salary, Sulzberger’s total compensation included a bonus of $38,045, stock awards of $54,443, option awards of $29,832, a non-equity compensation plan distribution of $597,850, a change in pension plan valuation and non-qualified deferred compensation worth $559,826, and $48,878 in “other compensation,” according to the proxy.”
Wow. Nothing like hypocracy. Where is President Obama’s outrage? Why are we supposed to be upset when Wall-Street execs, make millions, but the heads of a newspaper that continues to support the current President is let off the hook.
A double standard?
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