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Times bigs make out big: Proles, rank-and-file hardest hit
 Manolo! Break out the Napoleon brandy!!Top executives at the beleaguered New York Times Company reaped hefty rewards last year, with Chairman Arthur "Pinch" Sulzberger more than doubling his total compensation to $6 million. CEO Janet Robinson got even more, reaping $6.3 million, a 31.9 percent hike. The pay numbers were disclosed in Securities and Exchange Commission filings yesterday. Fine job, Janet! Fine job, Pinchy! I toast you! The increases come against a backdrop of declining ad revenue, layoffs, frozen pension plans, unpaid vacations and a 5 percent pay cut for most of the rank-and-file workers last year. "Our members are really unhappy with what is happening," said Bill O'Meara, president of the Newspaper Guild of New York. "They made a voluntary sacrifice to give up some of their pay to help the company out. People are losing their jobs still." Feeling like a sap, Bill? Well, you should. One corporate governance expert warned that even if a publicly traded company's compensation committee OK'd the compensation, it could backfire in the court of public opinion. Let 'em eat cake! "I think the board may want to weigh the consequences of rewarding their executives, who may be worthy of the increases, against the damage that may occur to the company's reputation," said William Sannwald, a business professor at San Diego State University. HA! And who do you think you are? Krugman? Begone with you, hayseed! Michael Golden, a first cousin of Pinch's who is vice chairman and chief operating officer of the Times' Regional Media Group, took home $2.4 million in total compensation last year, up 71 percent. CFO Jim Folo received a 20 percent boost, earning $1.3 million. Great job, men! Call girls for everybody! A Times spokeswoman explained that the pay hikes were driven mainly by payouts tied to performance-based bonus plans with preset goals. Like what? You're still in business? Times shares closed at $11.53, up a penny, in Big Board trading. Posted by: tu3031 2010-03-13 |
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