ContractsProf Blog

Editor: Myanna Dellinger
University of South Dakota School of Law

Wednesday, April 22, 2009

Signs of the [New York] Times

Bbb The latest group of money-grubbing executives clinging to their perks while laying off employees and asking union workers for concessions turns out to be the top dogs at the New York Times.  CEO Janet Robinson earned $5,578,451, a nice 35 percent raise over the previous year.  This, despite the fact that the company's stock has lost some 90 percent of its value over her five-year stint and the company posted a much bigger loss in the first quarter than analysts expected.  Meanwhile, the Gray Lady has been cutting staff, selling assets, and warning unions that they'll have to take pay cuts.

Perhaps tellingly, the only outisde ad on the business page announcing the paper's losses is a postage-stamp sized plug for books about, and framed photos of, Sen. Ted Kennedy.  Wonder how much that brings in?

[Frank Snyder]

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