Previous rumours that pegged ex-New York Times CEO Janet Robinson’s pension payout at $15 million already had employees mad.So the NYT rank and file better brace themselves: it looks like she’ll actually receive an exit package of more than $21 million, Bloomberg’s Edmund Lee and John Helyar report.
Their story, which has a full breakdown of the Times’ many financial and logistical problems, is worth reading in full, but here are the highlights:
- Sources tell Lee and Helyar that the Times wants a non-family member to serve as CEO, which makes it unlikely Michael Golden would take the role.
- 70% of the Times’ operating profit in 2011 went to pension and interest costs.
- The Times is expecting 2011’s revenue to be down 2.7% from 2010, shrinking for the sixth year in a row, and the company has lost 80% of its market value since 1999.
- Chairman Arthur Sulberger, Jr.’s excessive globe-trotting has irritated employees.
Priority #1 is to find a digitally savvy new CEO, but no word yet on who that might be.
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