Saturday, August 18, 2012

And Now For More Boston Globe Bashing - XIII

So you're the New York Times, parent company of the Boston Globe. You continue to lose money at an astonishing rate while your subsidiary loses half of its dead tree readership in a three year span and shitcans yet more employees.

So what do you do for an encore? Give the new CEO a boatload of money, that's what!
Incoming New York Times CEO Mark Thompson stands to make at least $8 million dollars by the end of 2013, financial filings with the Securities and Exchange Commission revealed Friday.

The outgoing BBC director general will be paid a base salary of $1 million, a sum that will be substantially padded by assorted perks, bonuses and benefits.

When he starts work in November, the 55-year-old will be eligible for a $3 million signing-on bonus, $100,000 in relocation allowances, $25,000 for legal fees (that non-disclosure agreement sure is expensive - ed) and $333,000 in salary and bonuses until the end of this year.

In 2013 he will also be eligible for $1 million a year under the company's annual incentive program and be able to tap $3 million as part of the company's long-term incentive program, bringing the total to nearly $8.5 million.

The Times, which is America's most prestigious newspaper (ha ha - that's a good one! - ed) as well as a growing online news power, said it had recruited Thompson for his ability to develop non-traditional news products.
Great work, guys!

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