Former Thomson Reuters Chief Executive Tom Glocer will walk away with almost $20 million in compensation, including $3.1 million in severance to be paid over two years, according to a regulatory filing.
Glocer stepped down as CEO at the end of 2011 after the news and information provider underwent a series of structural changes and management shakeups to address lackluster sales of one of its key products Eikon and a declining stock price.
Most of the $19.9 million that Glocer stands to receive is part of his regular compensation for 2011 including stock options, long term incentives and a base salary of $1.5 million, the company said in the filing with the U.S. Securities and Exchange Commission.
Glocer was replaced by James Smith, a veteran Thomson executive who joined the Canadian newspaper group in 1987. He will be paid a base salary of $1.5 million and his compensation could include an additional $7 million in cash and stock depending on the performance of the company.
Smith's total compensation in 2011 was $10.5 million, which includes options and share base awards, when he served as the company's Professional division head and later as its chief operating officer.
Reuters Editor-in-Chief Stephen Adler, one of the company's senior executives, received a base salary of $636,923 and a one-time grant of options that helped boost his compensation to $2.7 million in 2011.
Thomson Reuters reported a fourth-quarter loss after taking a $3 billion non-cash goodwill impairment charge.
Several media companies have seen changes in the executive suite over the last year. Former New York Times Co-Chief Executive Janet Robinson, who left the company at the end of last year, received a total payout of nearly $24 million.
Craig Dubow, who stepped down as Gannett Co chief executive in October, received $37.1 million from a combination of severance, pension, disability, and stock payments.
(Reporting By Jennifer Saba)