NYT Pays Former CEO $24 Million To Go Away Doug Fiedor [email protected] The New York Times has been losing money for well over ten years. They have been staying afloat by annually laying off people and selling off parts of the company.
That's mostly because people are voting with their pocketbooks. More and more, people are tired of the socialism spewed by the liberal mainstream media and, therefore, 90% of all liberal mainstream media outlets are going broke. Look at CNN, ABC, CBS, and NBC news, as well as the newspapers in most major cities. If any of them are running in the black for the year it is only because they are firing people and selling off stuff. One would think that, if the product is not accepted by the general public, management would fix the product so more of the general public would desire it. That would be the general business plan of most well run corporations. But, the major media is so full of professional socialist propagandists that they don't even know how screwed up their thought patterns are. Instead, they compliment each other on spewing the far left rhetoric and twisting the news so they look like cheerleaders for socialism and communism. The NYT is dying a slow agonizing death, as well it should. It has done a great deal to try to ruin our Constitutional republic over the years. Subscribers started noticing and canceled them. I hope that whole corporation fails completely. However, these socialist cheerleaders pay each other well, as can be seen by this article. They obviously have no more interest in the stockholders than they do of supporting the Constitutional form of government that allows them to publish anything they want. http://www.techdirt.com/articles/20120311/13125318068/nyt-pays-former-ceo-24-million-to-go-away-paper-made-3-million-total-over-last-4-years.shtm NYT Pays Former CEO $24 Million To Go Away; The Paper Made $3 Million Total Over The Last 4 Years from the something-isn't-adding-up dept Unlike some, I'm not that up in arms over high CEO pay... if they deserve it. In an open market, if an executive can command top dollar, based on strong performance, I'm all for it. However, if the pay is so totally divorced from performance as to be completely laughable, you have to wonder what's up. Case in point: former NY Times CEO Janet Robinson received an "exit package" of $23.7 million. It was broken down thusly: 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. Now perhaps you can argue that this is well deserved and negotiated. But here's a key data point found in the same article: The payout to Robinson is equal to about 2.4 percent of the company’s market value of $981.9 million, and exceeds the approximately $3 million the company earned in net income over the past four years. Not included in Robinson’s exit package is her salary of $1 million for 2011, when Times Co. reported a loss $39.7 million. Okay. One argument you can make is that at least the NYTimes made some money over the last four years. But can we ask what kind of "performance awards" would make sense when the award massively exceeds the actual profit of the company? Similarly, what kind of "consulting fees" would make sense when those consulting fees also exceed the profit of the company over the last four years combined? 1. To read Alex Gimarc’s columns, go to http://interestingitems.org/ 2. To stay abreast Pro Life news, go to http://www.listcast.com/x?oid=20000g 3. For News with Attitude, email [email protected] subscribe in the Subj. 4. For free Politically Incorrect news ignored by the American news media, send email to REAL NEWS [email protected] 5. For The Western Center for Journalism, fill out form @ http://fs7.formsite.com/C4Strategies/form377795450/index.html 6. Check out Doug Fiedors web site: http://fiedorreport.blogspot.com/ 7. All of the above, http://groups.google.com/group/richsrants?hl=en -- To join RichsRants, send email to: [email protected] For more options, visit this group at http://groups.google.com/group/richsrants?hl=en
