How does the ownership of the New York Times express solidarity with their union members? By rewarding themselves with massive pay raises!
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.Reaction to the executive compensation restructuring was wholly supportive:
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.
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,In other words, 60 percent of the monetary concessions made by the Boston Newspaper Guild went into the pockets of three New York Times executives. It's worth remembering this the next time the Boston Globe / New Your Times editorial writers sanctimoniously lecture you about the virtues of unions while their ownership is simultaneously pissing on their own unions...
master of the understatementpresident 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."
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.
"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.
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.