Paris last week was appointed permanently to the post after serving as interim president and CEO since last November. According to the SEC filing, Paris will receive a $2 million base salary, minus his earnings from the investment banking firm Berenson & Co. Paris will get a bonus that could be as much as 50% of the base salary, and a stock grant of 68,494 shares to be awarded in the summer of 2006. Hollinger stock closed at $14.33 Wednesday, giving the grant an indicated value of about $981,000.
Paris headed the Hollinger special committee that concluded former CEO Conrad Black, former Sun-Times Publisher F. David Radler, and other top executives "looted" the company of some $400 million over seven years by improperly pocketing fees and through insider contracts. Hollinger's 2003 annual report indicated Black was paid a base salary of $462,460, "other payments" of $248,580 and no bonus. He also received 375,000 shares in long-term compensation. The filing reported his earnings in 2002 from his Ravelston holding company amounted to $6,485,439.
Wednesday's SEC filing also reported Hollinger's salary pact with Sun-Times Publisher John Cruickshank, who is also chief operating officer of the chain's Chicago Group newspaper cluster. He will be paid an annual salary of $360,000 and will be eligible for an annual bonus "targeted at 50%" of his base salary, the filing states.
By: Mark Fitzgerald Hollinger International CEO Gordon Paris will receive a pay package that could be as much as $4 million annually, the company that owns the Chicago Sun-Times and other papers reported to the Securities and Exchange Commission yesterday.