Charitable Times: Embattled Publisher Arthur Sulzberger Jr. Photo: Bloomberg News
Posted on 09/15/2006 8:06:23 AM PDT by Liz
Charitable Times: Embattled Publisher Arthur Sulzberger Jr. Photo: Bloomberg News
In a move aimed at boosting morale.....Chairman Arthur "Pinch" Sulzberger Jr. and his cousin, Vice Chairman Michael Golden, will forgo about $2 million in stock and pump it into a bonus pool for employees......Sulzberger's leadership has come under increasing attack from employees and Wall Street, as the company fights to keep readers and advertisers from fleeing to the Internet. The Times disclosed in a filing with the SEC that Sulzberger and Golden "have requested that the board of directors significantly reduce their compensation for 2006 and 2007 by not granting them stock-based compensation. --SNIP--
The company's share price has plunged more than 40 percent in the past two years, and Sulzberger has faced the unenviable task of trying to slash costs while also seeking out new digital platforms for the Times' content. Last year, the company slashed 500 jobs and now plans to reduce the physical size of its namesake newspaper and combine printing operations - which will result in an additional 250 lost jobs.
In April, Morgan Stanley Asset Management, a major shareholder, led a dissident group of shareholders that withheld votes for board nominees. Morgan Stanley also protested the company's dual-class stock structure, which gives the Sulzberger family control. Morgan Stanley blasted the structure, saying it "fosters a lack of accountability."
(Excerpt) Read more at nypost.com ...
good news at the slimes.
they should fire the editorial staff to save money, especially krugman and dowd
Good ideas. You oughta apply for a job there. LOL.
MSM ping
Looks like the NYT's party is over.
I actually know some people with humble jobs at the Times: two lowly secretaries. They are just normal folks. The ultra-liberals, traitors, and gay mafia who run the NY Times (like Pinch) treat the little folks with utter arrogance and disdain, like they were slaves. They are VERY unhappy at their jobs.
Pinch uses lots of little people to provide an isolating cocoon from a reality of his own making. Little people (including me) always seem to get stuck paying for the sins of bigwigs.
I pray for the day when the evil NY Times goes bankrupt!
So I guess the move to sweeten the pot by these self-styled "liberal humanitarians" is not going to help employee relations much.
"good news at the slimes.
they should fire the editorial staff to save money, especially krugman and dowd,"
Actually they should donate Pinch and his gay hate America Editors to replace some innocent monkey in a research lab
The little Marxist twit, Sulzberger is the main problem. I hope he has tenure : )
Unless Daddy Punch finds out he is not Pinch's biological father, Pinch'll have tenure.
Sounds good to me : )
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