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New York Times CEO Robinson’s Exit Compensation Package Tops $23 Million
By Edmund Lee - Mar 9, 2012 3:26 PM ET
Janet Robinson, the New York Times Co. chief executive officer who was pushed out in December, received an exit package, including stock options and retirement benefits, of more than $23 million.
Robinson gets pension and supplemental retirement income valued at $11.4 million, performance awards of $5.39 million, restricted stock units worth $1.07 million and stock options worth $694,164, according to the company’s proxy statement filed with the Securities and Exchange Commission today. She will also earn $4.5 million in consulting fees for this year.
The December departure of Robinson, 61, left a leadership vacuum at Times Co., publisher of the namesake newspaper. Bloomberg News reported in January Robinson would receive more than $21 million as part of her exit package. Chairman Arthur Sulzberger Jr. is acting CEO during the interim. (It is now estimated at $24 Million)
Broadcast Union News Note: Members of the Newspaper Guild gathered outside the office's Page One meeting room for ten minutes in a quiet display of dissent on Wednesday afternoon. See video here. The protest was to show what members described as "our common dismay over contract negotiations in which management seems determined to seriously compromise our financial welfare, our access to health care and our security in retirement." The proposed cuts come at the same time former Times CEO, Janet Robinson, received a termination package worth $24 million dollars.
Broadcast Union News: NOTE: The New York Times’ corporate media reporter,Amy Chozick, reports that Ms. Robinson’s total 2011 compensation, now estimated at $24 Million dollars, has been cited in mailings by the Newspaper Guild of New York, which represents many newsroom employees of The New York Times. The Guild has protested the company’s proposals to cut benefits and pensions made during labor negotiations for a new contract. Ms. Chozick also wrote that Arthur Sulzberger Jr., the Times Company’s chairman, made $5.9 million in the fiscal year that ended Dec. 25, slightly down from $6 million in 2009 and 2010. Mr. Sulzberger gave back his $1.5 million annual incentive award.