Tough times at the New York Times are hitting the company’s brass in the wallet.
Times Chairman Arthur “Pinch” Sulzberger Jr. and CEO Janet Robinson both collected lower pay packages in 2007, according to a new company filing with the Securities and Exchange Commission.
The value of Sulzberger’s package dropped 21 percent to $3.5 million, down from $4.4 million in 2006. Robinson’s package value fell 5.9 percent to $4.1 million, down from $4.4 million the year before.
Neither Sulzberger nor Robinson saw a change in their annual base salaries, which remained at $1.087 million and $1 million, respectively. And their bonuses, now tied more closely to company performance targets, were actually higher. Sulzberger’s increased 113 percent to $1.2 million, while Robinson’s rose 31 percent to $1.1 million.
But the value of their stock and options awards in 2007 was lower.
Sulzberger’s stock and option awards were valued at $913,000 last year, down from $2.6 million in 2006. The numbers reflect the value of stock and options granted in previous years.
He did not receive any new stock-based compensation in an effort to recognize the “the challenging period of transition” facing the Times and the newspaper industry.
Robinson’s stock and option awards were valued at $731,000, down from $2.4 million.
She also was granted 650,000 options and 65,000 restricted shares of new stock to which the company did not yet assign a value.
The Times now doles out its annual stock awards in February, giving the company two months to better evaluate the performance of its executives in the fiscal year ended in December.
Times stock closed 16 cents at $20.50.