Thursday, March 8, 2012

Columbia Journalism Review: Infographic: What’s a CEO Worth?

What Janet Robinson’s Golden Parachute 
Could Buy

Infographic by Nigel Holmes

Click here to see a larger version of this image.

The tenures of two recently departed CEOs—Janet Robinson of The New York Times Company, and Craig Dubow of Gannett—coincided with the most financially devastating period in the history of newspapers. And few would consider either executive’s tenure a success.

Upon her exit, Robinson got a $21 million golden parachute, according to Bloomberg News, including $4.5 million for a one-year consulting contract. The company added extra benefits to Robinson’s $10.9 million pension, which accumulated over 28 years. 

It then froze some employee pensions a week later, sparking a mini-revolt, with more than 500 current and former Times employees signing an open letter to the chairman, Arthur Sulzberger Jr. The Times paid Robinson $5.3 million in 2010, including some retirement benefits.

Compared to Gannett, though, the Times looks austere: In October, four months after handing 700 employees pink slips, Gannett gave Dubow a $37.1 million package, also accumulated over decades. He earned a mere $9.4 million in 2010, some of which padded his retirement package. A few weeks later, the company announced it would force employees to take their fifth unpaid furlough in three years.

Broadcast Union News: This behavior by the management at the Times has caused unrest during contract talks between the New York Times and their employees represented by The Newspaper Guild of New York, Local 31003 CWA. This video was shot as The Times' daily Page One meeting gets underway.

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