By: Mark Fitzgerald
In a regulatory filing late Friday, The McClatchy Co. said top executives will be eligible for $160,000-plus bonuses each under a “2010 Senior Executive Retention Bonus Plan. CEO Gary Pruitt, however, cannot participate in the retention bonus plan, the company said.
The plan was adopted “to reward certain senior executive officers including some of the named executive officers … for their efforts towards stabilizing the company’s financial outlook following a period of significant economic turmoil.”
Bonuses will be paid if the chain’s performance in operating cash flow in 2010 is sufficient to fund a supplemental company contribution to its 401(k) retirement plan, McClatchy said.
The three named top executives included in the plan are Frank Whittaker, vice president, operations, who is eligible for up to $175,000; Bob Weil, vice president, operations, eligible for up to $175,000; and Pat Talamantes, vice president, finance and CFO, eligible for $160,000.