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Former CEO Janet Robinson's exit package is now believed to be in the neighborhood of $21 million, much of which, to be fair, she earned over her two decades at the company.But $4.5 million of this package, which is being paid in cash this year, is for ongoing "consulting services."
It means that the New York Times Company is allowed to call Janet Robinson and ask her questions for up to 15 hours per month--a maximum time commitment for which Robinson will be paid $375,000 per month or $25,000 per hour.
Of course, this wouldn't be a CEO exit deal if those payments were in any way contingent on the work Robinson performs or doesn't perform.
She'll get the money each month--all of it--whether the New York Times ever calls her or not.
And at the end of the year, when all those monthly consulting payments are added up, they'll total $4.5 million.
Anyone else want to be the former CEO of the New York Times?