Thursday, March 15, 2012

New York Times Pay Structure Isn't Fit to Print

Arthur Sulzberger, chairman and publisher of The New York Times, is due for a $2 million bonus if the business delivers a 1.6 percent return on invested capital and a 7.7 percent operating cash flow margin on average for 2009 to 2011. 
Photo by Miguel Villagran/Getty Images
The New York Times Co’s pay structure isn’t fit to print. 

The venerable U.S. newspaper group revealed a bonus structure that rewards bosses with 175 percent of their target payouts for achieving a mere 2.5 percent return on invested capital. 

That’s a fraction of the company’s cost of funds, and much lower than its own previous standard. A high bar for journalists doesn’t seem to extend to management.

The latest compensation generosity was quietly disclosed on Friday, showing a keen awareness of the news cycle. The company also had the nearly $24 million pay package of departing Chief Executive Janet Robinson as headline bait. But its long-term performance plan tells another part of the story.

Top executives stood to make their full target bonuses – $2 million each for Robinson and Chairman Arthur Sulzberger – if the business delivered a tiny 1.6 percent return on invested capital and a middling 7.7 percent operating cash flow margin on average for 2009 to 2011. 

They were due up to another 75 percent because the actual return was above 2.5 percent and the cash flow margin topped 9.8 percent.

Rival Gannett reported much higher cash flow margins in 2009 and 2010, but the USA Today publisher was still rightly called out by David Carr, the Times newspaper’s media reporter, for overpaying executives. And putting the return-on-capital hurdle in context, the Gray Lady’s parent company paid a whopping 14 percent interest rate to borrow money from billionaire Carlos Slim in 2009 and about 6.6 percent on bonds sold in 2010.

That suggests the Times Co rewards performance that destroys value. It’s notable that executives couldn’t live up to more rigorous expectations set in previous years. 

In 2009, full payout of bonuses required a three-year average return on invested capital of 7.3 percent, over four times the hurdle in the just-disclosed plan. Back then, Sulzberger and his colleagues got zip on that metric. But they still received healthy bonuses after a 70 percent collapse in the company’s shares over four years – partly because rivals fared even worse.

When he picked apart Gannett’s pay practices, Carr wondered: “How in the world could a board, any board, justify such huge payouts to media executives at a time like this?” It’s a question the occupants of his employer’s boardroom might want to ponder.

Read more at Reuters Breakingviews.
  
Jeffrey Goldfarb writes about investment banking and the financial sector. Jeff joined from Reuters in London, where he oversaw European corporate finance coverage. Before that, he led Reuters' reportage on the European media sector, and previously wrote about M&A in New York. From 1993 to 2001, Jeff covered legal and regulatory news for BNA Inc. in Washington, DC, Phoenix and New York. He is a graduate of the Columbia University Graduate School of Journalism and the George Washington University.

Wednesday, March 14, 2012

New York Times Reveals Former CEO Janet Robinson Received $24 Million Exit Deal

By KEITH J. KELLY



Former New York Times Co. President and CEO Janet Robinson received a payout of nearly $24 million after she was pushed out late last year, the company disclosed yesterday. 

That figure — which is higher than previous estimates pegging it between $15 million and $21 million — drew fresh criticism from the Newspaper Guild, the largest union at the paper with more than 1,000 members.

The guild has been without a contract since last March and stalled talks only resumed after Robinson’s ouster. The two sides remain far apart while the company is said to be seeking to freeze pension benefits and convert to a 401(k) plan. 

“In light of this information, it is impossible to see how the Times can justify its continuing demands for severe cuts in compensation and benefits for the employees it refers to, correctly, as the world’s finest journalists,” said Bill O’Meara, the guild’s president.

“This new, higher payout will only increase their anger,” he said, referring to guild members.
A Times spokeswoman said, “We believe in the collective bargaining process and any related questions should be addressed at the bargaining table.”

Robinson’s golden parachute, which was fully divulged in the company proxy statement filed yesterday, includes a special one-time “consulting” package of $4.5 million a year, requiring no more than 15 hours of work per month.

Her pay package also includes $11.4 million in retirement income, $5.39 million in performance awards, restricted stock units valued at $1.07 million and stock options worth $694,164, according to Bloomberg.

Last week, Times reporters lined the halls outside a story meeting of Executive Editor Jill Abramson and other top editors in a silent protest. Their hope was that the editors would relay the journalists’ concern over the stalled contract talks to the Times’ top brass. See video here.

IATSE General Executive Board Endorses Obama For Second Term


The AFL-CIO Executive Council and the IATSE General Executive Board Endorses Obama for Second Term

The AFL-CIO Executive Council, at its midwinter meeting in Orlando, Florida, voted unanimously on Mar. 13, to endorse Barack Obama for a second term as U.S. President. IATSE President Matthew Loeb, who serves on the Council, is pleased to announce that the IA General Executive Board has endorsed President Obama as well.

Upon learning of the unanimous endorsement of the AFL-CIO, President Obama called President Trumka during the Council meeting and was placed on speakerphone, so that he was able to express his gratitude to all those present.  

President Obama pledged his continued support for all working people. At the top of his priority list is reclaiming middle class security, putting people back to work, protecting collective bargaining and fair labor laws, and many more issues of importance to labor unions and workers across the United States. He also noted that we in labor must be more activated now than we were in 2008. We must reclaim the House and maintain control of the Senate, or we will continue to be faced with many challenges.

President Trumka issued a statement, which can be read at the following link:  http://bit.ly/wBR1B9.
Janet's Package: Not $4.5 Million, Not $15 Million, Not $21 Million. Now it's More Than $23 Million!! 
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 dollars. 
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. 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.
 

For more Information go to: http://saveourtimes.com/


Follow the Guild on Twitter at:  https://twitter.com/#!/saveourtimes

Friday, March 9, 2012

Janet's Package: Not $4.5 Million, Not $15 Million, Not $21 Million. Now it's More Than $23 Million!!

New York Times CEO Robinson’s Exit Compensation Package Tops $23 Million


By Edmund Lee - Mar 9, 2012 3:26 PM ET 

Janet Robinson
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)

To contact the reporter on this story: Edmund Lee in New York at elee310@bloomberg.net
To contact the editor responsible for this story: Ville Heiskanen at vheiskanen@bloomberg.net

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.


For more Information go to: 

http://saveourtimes.com/

Follow the Guild on Facebook at: 

https://www.facebook.com/newspaperguildofnewyork

Follow the Guild on Twitter at: 

A Civil Right to Unionize

 
 
By Op-Ed Contributors RICHARD D. KAHLENBERG and MOSHE Z. MARVIT
FROM the 1940s to the 1970s, organized labor helped build a middle-class democracy in the United States. The postwar period was as successful as it was because of unions, which helped enact progressive social legislation from the Civil Rights Act to Medicare. Since then, union representation of American workers has fallen, in tandem with the percentage of income going to the middle class. Broadly shared prosperity has been replaced by winner-take-all plutocracy.
Corporations will tell you that the American labor movement has declined so significantly — to around 7 percent of the private-sector work force today, from 35 percent of the private sector in the mid-1950s — because unions are obsolete in a global economy, where American workers have to compete against low-wage nonunion workers in other countries. But many vibrant industrial democracies, including Germany, have strong unions despite facing the same pressures from globalization.

Other skeptics suggest that because laws now exist providing for worker safety and overtime pay, American employees no longer feel the need to join unions. But polling has shown that a majority of nonunion workers would like to join a union if they could.

In fact, the greatest impediment to unions is weak and anachronistic labor laws.  It’s time to add the right to organize a labor union, without employer discrimination, to Title VII of the Civil Rights Act, because that right is as fundamental as freedom from discrimination in employment and education. This would enshrine what the Rev. Dr. Martin Luther King Jr. observed in 1961 at an A.F.L.-C.I.O. convention: “The two most dynamic and cohesive liberal forces in the country are the labor movement and the Negro freedom movement.  Together, we can be architects of democracy.”

The 1948 Universal Declaration of Human Rights recognizes that “everyone has the right to form and to join trade unions for the protection of his interests.” The First Amendment has been read to protect freedom of association, and the 1935 National Labor Relations Act recognized the “right to self-organization, to form, join, or assist labor organizations,” but in reality, the opportunity to organize is a right without a remedy.

Firing someone for trying to organize a union is technically illegal under the 1935 act, but there are powerful incentives for corporations to violate this right, in part because the penalties — mitigated back pay after extended hearings — are so weak.

It is noteworthy that American workers in the airline and railway industries, which are governed not by the 1935 law but by a stronger statute, the Railway Labor Act, have much higher rates of unionization.

Past efforts to strengthen labor laws over four decades have gotten bogged down: Congress cannot pass reforms until labor’s political clout increases, but that won’t happen without labor law reform.

The Civil Rights Act of 1964, as amended, has much stronger penalties and procedures than labor laws. 

Under our proposal, complaints about wrongful terminations for union organizing could still go through the National Labor Relations Board, which has expertise in this field. But the board would employ the procedures currently used by the Equal Employment Opportunity Commission, which provide that after 180 days, a plaintiff can move his or her case from the administrative agency to federal court. 

There, plaintiffs alleging that they were unfairly dismissed for trying to organize could sue for compensatory and punitive damages and lawyers’ fees, have the opportunity to engage in pretrial legal discovery and have access to a jury — none of which are available under current law.

Our proposal would make disciplining or firing an employee “on the basis of seeking union membership” illegal just as it now is on the basis of race, color, sex, religion and national origin. It would expand the fundamental right of association encapsulated in the First Amendment and apply it to the private workplace just as the rights of equality articulated in the 14th Amendment have been so applied.

The labor and civil rights movements have shared values (advancing human dignity), shared interests (people of color are disproportionately working-class), shared historic enemies (the Jim Crow South was also a bastion of right-to-work laws) and shared tactics (sit-ins, strikes and other forms of nonviolent protest). King, it should be remembered, was gunned down in Memphis in 1968, where he was supporting striking black sanitation workers who marched carrying posters with the message “I Am a Man.” Conceiving of labor organizing as a civil right, moreover, would recast the complexity of labor law reform in clear moral terms.

Some might argue that the Civil Rights Act should be limited to discrimination based on immutable characteristics like race or national origin, not acts of volition. But the act already protects against religious discrimination. Some local civil rights statutes even cover marital status, family responsibilities, matriculation, political affiliation, source of income, or place of residence or business.

Should organizing at work for “mutual aid and protection” not also be covered?

While there are many factors that help explain why the nation has progressed on King’s vision for civil rights while it has moved backward on his goal of economic equality, among the most important is the substantial difference between the strength of our laws on civil rights and labor. It is time to write protections for labor into the Civil Rights Act itself. 

Richard D. Kahlenberg, a senior fellow at the Century Foundation, and Moshe Z. Marvit, a labor and job discrimination lawyer, are the authors of “Why Labor Organizing Should Be a Civil Right: Rebuilding a Middle-Class Democracy by Enhancing Worker Voice.”

 
A version of this op-ed appeared in print on March 1, 2012, on page A31 of the New York edition with the headline: A Civil Right to Unionize.


Re “A Civil Right to Unionize,” by Richard D. Kahlenberg and Moshe Z. Marvit (Op-Ed, March 1):

The continued gutting of this country’s labor laws is a national disgrace as well as a middle-class tragedy. With the passage of the Taft-Hartley Act, employers found that they could destroy unions through the enactment of “right to work” laws. With the migration of companies to the South, the descent of the middle class began as vibrant manufacturing centers in New England and the Midwest emptied out.

Later, employers found that through practices like outsourcing to third-world countries, workplace regulations and labor laws could be neutered.

The decline of labor unions has left almost all working Americans captives of “at will” employment, a judicially created fiction that European workers would find intolerable.

With the decline of unions, the middle class has lost its bargaining leverage. Temporary jobs, minimum-wage service jobs and unpaid internships — all justified based on the needs of the market — have turned the American dream into the American nightmare.

It’s well past time for American workers to insist that the right to unionize is a civil right.

PAUL L. NEVINS
Boston, March 1, 2012 
The writer, Paul L. Nevins, is a lawyer who concentrates in employment law and litigation, is a former board member of the Boston Teachers Union/A.F.T./A.F.L.-C.I.O.



Broadcast Union News Note: “Labor of human beings is not a commodity nor an article of commerce and shall never be so considered or construed. ... Employees shall have the right to organize and to bargain collectively through representatives of their own choosing.” 
 - Constitution of the State of New York

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.







For more Information go to: 

http://saveourtimes.com/

Follow the Guild on Facebook at: 

https://www.facebook.com/newspaperguildofnewyork

Follow the Guild on Twitter at: 

Monday, March 5, 2012

Zell Company Seeks Part of Any Future Lawsuit Winnings Over Tribune Buyout

Greedy Billionaire Sam Zell
Billionaire Sam Zell is demanding a share of any money retirees and other creditors may win in lawsuits or legal settlements over the 2007 leveraged buyout he engineered of newspaper publisher Tribune Co. (TRB) 

The demand, made through the Zell-controlled company EGI TRB LLC, came in one of the disputes being heard in bankruptcy court over how to split any money creditors win in dozens of lawsuits over claims the buyout was a fraud on creditors. U.S. Bankruptcy Judge Kevin Carey began a two-day hearing today about the disputes.

“In the ultimate display of chutzpah, Zell and EGI are asserting that their tainted claims should now be treated on par with innocent creditors who had nothing to do with the LBO,” a group of about 185 retired managers and other highly paid former employees said in court papers.

Judge Carey must decide which creditors, including Zell and the retirees, can share in a settlement in which senior lenders agreed to give lower-ranking, unsecured creditors more than $400 million. Retirees and other creditors claim that Zell cannot collect anything on the $225 million that Tribune owes EGI-TRB until after other creditors are fully paid.

Judge Carey is considering those so-called allocation disputes before deciding on Tribune’s reorganization plan. Carey scheduled a hearing on the $7 billion reorganization plan in May.

$8.3 Billion Buyout

Tribune, owner of the Los Angeles Times, the Chicago Tribune, television stations and cable channels, filed for bankruptcy one year after Zell used borrowed money to buy out shareholders for $8.3 billion.

Zell
Zell can share in any proceeds of legal settlements and lawsuits because that money wouldn’t belong to Tribune, and therefore wouldn’t be subject to a subordination clause associated with the EGI-TRB debt, Zell attorney David Bradford said in court.

Under Tribune’s reorganization plan, creditors owed about $13 billion would receive stock and cash worth about $7 billion.

The bankruptcy case is In re Tribune Co., 08-bk-13141, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net 

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net

Occupy Labor Law!

National Lawyers Guild NYC Chapter Labor and Employment Committee,
CUNY School of Law’s Community Legal Resource Network (CLRN) &
Labor Coalition Present:
Occupy Labor Law!
 
Labor Unions, Workers’ Centers and the Occupy Movement
 
With Distinguished Speakers:
 
Mario Dartayet-Rodriguez, Director of Organizing DC 37/OWS activist
Bennet D. Zurofsky, Practicing Labor Lawyer
James Gray Pope, Professor of Law, Rutgers University
E. Tammy Kim, Staff Attorney Urban Justice Center/OWS activist
 
Moderated by:
Daniel Gross, Executive Director, Brandworkers International
 
 
Martin Luther King Labor Center Auditorium, 1199 SEIU
310 West 43rd Street (at 8th Avenue)
Tuesday, March 27, 2012 ¨ 6:30- 8:45 pm

Doors open at 6:00 pm ¨ Food and drinks will be served at this time
For information and if interested in CLE credit: ursulalevelt@gmail.com


Tica Frazer
Admission Adviser- MA in Labor Studies
Joseph S. Murphy Institute, CUNY - SPS
Center  for Worker Education and Labor Studies

25 West 43rd St, Room 1802
New York, NY 10036

T- 212-642-2050
F- 212-827-5955
 


Joseph S. Murphy Institute, CUNY - SPS Spring 2012 Academic Calendar:
Joseph S. Murphy Institute, CUNY - SPS Spring 2012 Schedule of Classes


 

It Doesn't Suck To Get Ankled As CEO of The New York Times.


The New York Times Is Now Paying Former CEO Janet Robinson $25,000+ An Hour

By CEO and Editor-in-Chief of Business Insider.

Janet looking happy, but who wouldn't?

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?

 For more Information go to: http://saveourtimes.com/

NYT Union Poster Features Janet Robinson and Her Golden Parachute



Check out the Guild’s pension calculator

 For more Information go to: http://saveourtimes.com/

New York Times' Former Chief Janet Robinson Could Make $25,000 Per Hour In Consulting Payments



Janet Robinson Consulting Pay

An SEC filing says Ms. Robinson will get $4.5 million plus health insurance for a 12-month retirement and consulting agreement, including "two-year non-competition, non-solicitation and non-disparagement covenants, a three-year cooperation covenant and an indefinite confidentiality covenant."

The Times itself reported that Ms. Robinson's pay in 2009 was $4.9 million, so she'll earn almost as much as a retired consultant as as a full-time CEO.

The handy investment calculator on the Times corporate Web site shows that $10,000 invested in NYT stock the day Ms. Robinson took over as CEO, on December 27, 2004, would be worth $1,855.14 today, a decline of 81.45%. 

The price of the stock went from $40.59 when she took over to $7.53 today, and though some dividends were paid out early in her tenure as CEO, the dividend has since been suspended.

It's all almost enough to be grist for one of those angry New York Times editorials or business section columns about executives whose outsized pay bears no relation to performance. 
Arthur Sulzberger

In this case, the board hasn't fired the chairman, Arthur Sulzberger Jr., whose family controls the board and the company through a special class of stock. Ms. Robinson could perhaps argue that she earned her pay by serving as someone outside the family for the family to blame for the poor performance.

Which do you think accounts for more of the $4.5 million, the non-competition covenant or the non-disparagement covenant? Mark your calendar for two years from now when the non-disparagement agreement expires.



"No minimum number of hours and a maximum of 15 per month. If she works the maximum amount of hours, which is doubtful, she will earn roughly $25,000 per hour, which is pretty significant for a company that is struggling financially.

In addition to the pension and consulting contract, Robinson is also owed a bonus for 2011 which has yet to be determined, but her most recent bonus was for $1.85 million.

Even though the Times is on the hook to Robinson for $4.5 million, they may be better off just paying her and not asking for her advice, based on her recent track record at the paper."



Janet L. Robinson
When the New York Times' (NYT) and its president and former chief executive, Janet L. Robinson, announced a few months ago that Robinson would step down at the end of the year - even though no successor had been identified - the news caught many off guard. 

The Times disclosed in an 8-K filed December 15, 2011 that it planned to pay Robinson $4.5 million for a one-year consulting gig; however, several interesting details about that consulting agreement weren't available until the company filed its 10-K late last week.

New York Times Editors Respond To Staffers' Protest 

Executive Editor Jill Abramson

On Thursday, the top editors of the New York Times responded to their staffers' open protest of ongoing contract negotiations. 

 Members of the New York Newspaper Guild lined the hallway outside the Page One meeting room in protest as editors entered a 4 p.m. meeting on Wednesday. 

The showing demonstrated staffers' dismay over their contract negotiations, which have been going on for over a year, and negotiators' calls for freezing their pension plans and ending their independent health insurance. A memo had alerted staffers to the protest, and called on senior editors to relay their concerns to the paper's management. 

Executive editor Jill Abramson, managing editor Dean Baquet and managing editor John Geddes responded to the grievances in a letter on Thursday, asking for patience as negotiators continue to plug away at a contract. 

In it, they stressed that the editors and staffers were "all in this together," and empathized with frustrations over the negotiations. "Yesterday’s gathering by the page one room shortly before the 4 p.m.meeting was another reminder of how deeply unsettling this time has been," they wrote. 

However, they said that there had been bright spots in the management's handling of employee pension plans, and made it clear that the discussion over contract terms would remain between the negotiators.

New York Times Employees Protest Contract Negotiations



New York Times employees are openly protesting the ongoing contract negotiations with the newspaper's management again. 

Poynter reports that 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.

On Tuesday, they had received a notice alerting them to the planned protest. The memo alleged that management was trying to "compromise our financial welfare, our access to health care and our security in retirement," and called on senior editors to relay the sentiment.

This latest development comes after hundreds of staffers signed an open letter expressing their "profound dismay" with the company's decisions in December. Guild members had been working without a contract since last March, and the letter expressed outrage over negotiators' calls for "a freeze of our pension plan and an end to our independent health insurance," amongst other things.

The tension appears to be heating up as the New York Times faces continued criticism over former CEO Janet Robinson's extremely generous severance package. Employee unions hammered the paper for paying her $4.5 million. The Times is also struggling to fill the leadership vacuum left by Robinson's departure. 

 For more Information go to: http://saveourtimes.com/