Skip to comments.Greedy Executives Loot Failing Company (Guess which company ?)
Posted on 03/15/2010 1:05:51 PM PDT by SeekAndFind
The failing business would be the New York Times Company, which, like most newspapers, has fallen on hard times and laid off many employees. The greedy executives include Chairman Pinch Sulzberger:
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 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."
Hypocrisy, your name is Pinch. Actually, this is even worse than the usual "greedy CEO" story because Sulzberger is a man of little ability who gained his position only because his family owns a large chunk of the company. Have the paper's editorialists called for federal regulation of out-of-control executive compensation in the newspaper industry?
UPDATE: A reader points out this report from last November:
The New York Times News Service will lay off at least 25 editorial employees next year and will move the editing of the service to a Florida newspaper owned by The New York Times Company, the newspaper and the Newspaper Guild said Thursday. ...
The layoffs do not count toward the planned elimination of 100 jobs in The New York Times newsroom. That 8 percent reduction is to take effect by the end of the year.
The plan for the news service calls for The Gainesville Sun, whose newsroom is not unionized and has lower salaries, to take over editing and page design.
Pinch Sulzberger, union buster! Maybe that's why he gets the big bucks.