Dow Jones Union Prez Calls Execs’ Perks ‘Outrageous,’ ‘Obscene’

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By: E&P Staff

The early spring brings annual reports revealing the salaries and compensation of newspaper big cheeses.

Dow Jones & Co. just released compensation figures for management including CEO Richard Zannino. He’s getting $883,846 in salary, $1.6 million in stock-related rewards, and a chunk of change for commuting.

The Independent Association of Publisher’s Employees (IAPE), the union that represents Dow Jones employees and is negotiating with management for a new contract, has released a memo from its president Steve Yount outlining some of the company’s executive perks.

The full memo, which first appeared on the Romenesko media news Web site, is reposted below.

***

Friends,

Dow Jones has released the latest numbers on what its paying Rich Zannino and the rest of the guys at the top of the corporate ladder– and this looks like a pretty good pay day.

Take a look at what Rich is picking up: $883,846 in salary and about $1.6 million in stock-related awards– along with $895,000 in annual incentive payments. But that’s just the beginning of the money train.

Dow Jones also spent $173,441 for Rich’s commuting costs (Company provided car and full-time driver– apparently Rich can’t take the train in from Connecticut.) And DJ contributed $208,177 to Rich’s deferred-comp accounts, an 800% match for Rich’s contribution of $26,037.

And if Dow Jones has to give Rich a lay-off package: It’s $3.42 million cash (that’s equivalent to nearly FOUR YEARS of salary,) $713,888 to continue his benefits, $895,000 in bonus payments, $180,000 for “financial counseling/outplacement” and $5.2 million in long-term incentives. That’s a severance package worth almost $10 and a quarter million dollars.

And this is the same guy who wants to triple your health care premiums and prescription co-pays, eliminate your cost of living protection and force you to accept a 2% a year pay increase.

Nonsense.

The latest numbers from Dow Jones proves what we’ve said all along: the company’s contract proposals are simply an effort to take money out your pocket and spend it on themselves.

It’s outrageous. It’s obscene.

The future of Dow Jones depends on the quality people who report the news, sell the ads, maintain the technology, build circulation and perform the myriad other tasks that define this company. Those Quality People deserve a Quality Contract– and we’ll settle for nothing less.

Steve Yount
President
IAPE CWA 1096.

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