New York Times paid former CEO $24 million
(Reuters) - Former New York Times Co (NYT.N) Chief Executive Janet Robinson received a total payout of nearly $24 million after she left the newspaper publisher at the end of last year, according to a regulatory filing on Friday.
Robinson, a 28-year veteran with the company, has yet to be replaced by Chairman and Publisher Arthur Sulzberger Jr, who is temporarily acting in her place. Robinson's package includes a $4.5 million consulting fee that The Times had agreed to pay as part of her exit package, as well as pension benefits and performance-related payments.
Excluding the consulting fee, Robinson would have been paid the same amount whether she was terminated, resigned or retired, according to the filing with the U.S. Securities and Exchange Commission.
Sulzberger received $5.9 million in total compensation in 2011.
The Times which, like other U.S. newspaper publishers, has been struggling with sinking advertising revenue and dwindling print subscribers, said it had 406,000 paying digital subscribers at the end of 2011 after it rolled out an online pay system last year.
The company started 2012 without a CEO or a digital boss after both Robinson and former digital head Martin Nisenholtz retired.
Sulzberger said on February 2 The Times was in the early stages of searching for an executive with digital and brand-building experience to help guide its long-term growth strategy.
The focus on an improved digital strategy helped circulation revenue grow 5 percent to $241.6 million in the fourth quarter, The Times said.
(Reporting By Yinka Adegoke; Editing by Richard Chang)