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New York Times Paid Former CEO $24 Million (NYT)

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In its regulatory filing on Friday, New York Times Co. (NYSE: NYT) reported that it paid former CEO Janet Robinson a total payout of $24 million after she left out the publishing company at the end of the last year.

Robinson a veteran with 28 years of association with the publisher has yet to be replaced by Chairman and Publisher Arthur Sulzberger Jr, who is for the time being acting in her place.


Robinson’s package includes a $4.5 million consulting fee that The Times had agreed to pay as part of her exit package. The payment also includes pension benefits and performance- based bonuses.

According to the filing at the Securities and the Exchange Commission, excluding her consulting fees, Robinson would have been paid the same amount whether she was terminated, resigned or retired.

In 2011, Sulzberger received $5.9 million in total compensation.

Just like some other publishers, The Times has also been struggling with falling advertising revenues and dwindling print readers base. The Company had 406,000 paying digital subscribers at the end of 2011 after it started an online pay system, last year.

The publisher commenced 2012 without a CEO or a boss for its digital business division as both Robinson and former digital head Martin Nisenholtz retired.

In February 2, Sulzberger said that the company was in look out for an executive with digital and brand-building experience to help guide its long-term growth strategy.

According to Times, its strong focus on digital strategy helped it to strengthen its revenue growth by 5% to $241.6 million in the fiscal fourth quarter.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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