Skip to comments.‘Leadership Vacuum’ At NY Times As Co. Prepares To Announce Earnings (Dinosaur Media DeathWatch™)
Posted on 01/27/2012 11:44:22 AM PST by abb
The New York Times Company is still seeking a replacement for CEO Janet Robinson who departed last month, and Wall Street isnt too happy, reports Bloomberg.
A new leader is needed to bring up revenue, shore up profits and restore the Times Companys dividend, Bloomberg writes. The company, which announces fourth-quarter results next week, is projected to report that its 2011 revenue was $2.33 billion, a decline from 2010 and the sixth straight year of declining sales.
The stock is kind of stuck in no-mans land, and the absence of a CEO is part of whats keeping it there, one analyst told Bloomberg.
Meanwhile, Janet Robinsons parting pay package is actually going to be around $21 million, more than previously reported.
See here the complete Bloomberg piece.
New York Times Co. Confronts Leadership Vacuum as Shares Follow Sales Down
Last year, about 70 percent of its estimated $237 million operating profit went to pension contributions and interest costs, compared with 19 percent in 2007, according to company statements. Its a disturbing trend, and it does call into question the long-term viability of the company, said Robert Willens, an accounting specialist at consultant Robert Willens LLC.
A failing company paying $21 million to dump the CEO is dumb enough to keep the failed CEO around as an advisor (of bad advice) for the replacement.
#4- sounds like a familiar trend. Governments have also made promises that cannot be kept.
It’s time to go to a system of private individual savings accounts
If the old gray whore bankrupts, will they still be obligated to pay any unpaid remainder of the $21 million? f
Don’t know Janet would rate in a bkk.
What a great day!!!! Where’s the popcorn?
New York who?
Pay day for Carlos Slim. He'll end up owning this wreck, if he wants it.
good for her, take the NYT $ and run. The good news is 6 straight years of declining revenue. That means more layoffs. I wish she’d gotten 100 million severence if it meant more NYT newsroom layoffs.
They can always fall back on this:
Pension Benefit Guaranty “Corporation”
A: PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private-sector defined benefit plans - the kind that typically pay a set monthly amount at retirement. If your plan ends (this is called “plan termination”) without sufficient money to pay all benefits, PBGC’s insurance program will pay you the benefit provided by your pension plan up to the limits set by law. (Most people receive the full benefit they had earned before the plan terminated.) Our financing comes from insurance premiums paid by companies whose plans we protect, from our investments, from the assets of pension plans that we take over as trustee, and from recoveries from the companies formerly responsible for the plans, but not from taxes. Your plan is insured even if your employer fails to pay the required premiums.
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