By: Mark Fitzgerald A.H. Belo Corp., which imposed an across-the-board wage freeze in November at The Dallas Morning News and its other newspapers, disclosed it is increasing the base salary of CEO Robert W. Decherd and CFO Alison K. Engel.
"Effective as of January 1, 2009, in connection with the Compensation Committee's decision to return to a more standard compensation structure for Mr. Decherd, Mr. Decherd's base salary will be changed from $250,000 to $600,000," A.H. Belo said in a filing with the Securities and Exchange Commission (SEC).
Last January, as A.H. Belo was about to be spun off as a newspaper pure-play from Belo Corp., Decherd voluntarily reduced his 2008 base salary to $250,000 from $800,000. Instead a bonus was designed that could have paid as much as seven times his salary.
But Belo said Decherd had waived his right to a bonus in 2008, which the company said would likely have been $330,000 based on his performance in cutting expenses.
CFO Engle's base pay will increase from $250,000 to $315,000. The company said a survey showed her 2008 pay was below industry standards.
In addition to freezing salaries effective Nov. 1, Belo announced in October that it was suspending profit-based payments to employee 401 (K) retirement plans until it returns to profitability.
In early morning trading, A.H. Belo (NYSE: AHC) shares were up 7 cents, or 3.7%, from the open at $1.96. When the company was spun off in February, its shares initially traded for about $16.
Comments
No comments on this item Please log in to comment by clicking here