Skip to comments.New York Times paid former CEO $24 million [ Falling corp shorts employees ]
Posted on 03/09/2012 4:58:01 PM PST by NoLibZone
- Former New York Times Co (NYT.N) Chief Executive Janet Robinson received a total payout of nearly $24 million after she left the newspaper publisher at the end of last year, according to a regulatory filing on Friday.
Robinson, a 28-year veteran with the company, has yet to be replaced by Chairman and Publisher Arthur Sulzberger Jr, who is temporarily acting in her place. Robinson's package includes a $4.5 million consulting fee that The Times had agreed to pay as part of her exit package, as well as pension benefits and performance-related payments.
Excluding the consulting fee, Robinson would have been paid the same amount whether she was terminated, resigned or retired, according to the filing with the U.S. Securities and Exchange Commission.
Sulzberger received $5.9 million in total compensation in 2011.
The Times which, like other U.S. newspaper publishers, has been struggling with sinking advertising revenue and dwindling print subscribers, said it had 406,000 paying digital subscribers at the end of 2011 after it rolled out an online pay system last year.
The company started 2012 without a CEO or a digital boss after both Robinson and former digital head Martin Nisenholtz retired.
(Excerpt) Read more at reuters.com ...
She had pictures. Or something.
The fact that the paper’s digital head was old enough to retire tells me one thing.
The NYT has absolutely zero clue who to put in charge of digital and is still looking at digital through the eyes of a dead tree publisher. Which, of course, in this case is a good thing.
Die NYT die.
There is no standard below which a liberal will not go.
nice job if you can get it
"I am the 1% AND the 99%."
“Performance-related benefits” - oh.....she colored inside the lines.
This is why America is failing. Capitalism is breaking all the rules. Workers are taking furlough days and the CEO is getting $24 million.
Workers of the world unite. Really, that is the result of this kind of excess. If companies don’t act responsibly and make sure workers are taken care of, they rise up.
Marx was right on that point. What Marx did not understand was that capitalist were smart enough to make sure workers were happy...until now.
No CEO should get $24 million a year. None. It is gross corruption of captitalism that allows this to happen.
The problem is that these pigs are making millions while the companies tank.
If the people get paid for doing a great job and making money for the company, that is one thing, but what we have now is absurdity and total chaos.
I think you’re probably on the wrong site FRiend.
I think you did not read closely enough. The conservative view is not to plunder a company but to keep it healthy. Are you defending the CEO getting $24 million at at time the company is tanking? If the NYT was doing great that would be another matter.
I agree with you and I probably should have elaborated my point. Thanks for getting the detail I missed.
How badly is it tanking? Are people still being paid? Businesses coming and going is part of capitalism. Demand dries up, and supply is no longer needed. Using the Marxist rallying cry of “workers unite” and saying Marx was right is a little ridiculous.
If the NY Times is plundering employees perhaps those employees should have made better decisions regarding their place of employment.
Read the entire post in context and then let's talk.
“This is why America is failing. Capitalism is breaking all the rules. Workers are taking furlough days and the CEO is getting $24 million. Workers of the world unite. Really, that is the result of this kind of excess. If companies dont act responsibly and make sure workers are taken care of, they rise up. Marx was right on that point. What Marx did not understand was that capitalist were smart enough to make sure workers were happy...until now. No CEO should get $24 million a year. None. It is gross corruption of captitalism that allows this to happen.”
First, America is not failing because of capitalism. Government has created a perverse socialist/capitalist economy.
Second, most companies do operate ethically. There is not a predatory capitalism crisis.
Third, it sounds like you are advocating the regulation of salaries and bonuses etc. Piling on regulations to stop the perverse capitalism that was created by government intervention in the first place is a big mistake.
A logical result of so much being sucked out that a workplace starts to fail is that worker will no longer be satisfied. This is what Marx said would be the failing of capitalism. My belief is that capitalism proved Marx wrong because it took care of workers. Marx did not believe that could happen.
But we are no longer taking care of workers when they have to take mandatory furlough days while those steering capitalism are taking millions in bonuses.
What CEO sucks out millions at a time a company is failing? Certainly not a conservative one.
We've been on that track that erodes the benefits of capitalism for a long time and in case you have not noticed it is getting a wee bit unstable out there.
I believe that most companies operate ethically. I operate mine that way. I'm not talking ethics. I also not advocating regulating salaries and bonuses. I am saying that if those that steer capitalism don't regulate themselves then a very natural order or regulation will take hold. We are already starting to see the likes of “Worker's unit.”
Those are not my words. I'm not chanting them. You would have to be oblivious to world events, though, not to see that others now are chanting those words or the equivalent. How does that happen is the question I am raising? I say it is corruption at the top, taking too much out.