By: E&P Staff In a memo to staffers, New York Times publisher Arthur Sulzberger and International Herald Tribune publisher Michael Golden -- both members of the Ochs/Sulzberger family which has run the company for over a century -- have announced that they will forgo any stock compensation in 2006 and 2007. The savings will be used to create a bonus pool for management to reward exceptional performance by the company's employees.
"We expect that, between us and including both restricted stock units and options, roughly $2 million would be available in the 2006 pool, which would be distributed next February," said the memo. "We expect that a similar amount would be distributed in February 2008."
The memo said that the money would be parceled out among all of the company's media groups, as well as the corporate management, in accordance iwth the size of the department. Senior management of each unit will be in charge of determining the specific bonuses awarded.
"Our decision as family members is a purely personal one," said the memo of the publishers' decision to create this bonus pool. "Our
great-grandfather purchased The Times in 1896 because he recognized its potential for greatness. Since then we've been through many trying times. Previous generations have demonstrated that they had the courage, the drive and the intellectual wherewithal to rise to the challenges they faced. Now it is our turn and we are fully confident that all of us who work for this Company today are more than up to the task ahead."
Comments
No comments on this item Please log in to comment by clicking here