Time Inc.’s new CEO Jack Griffin received $1.4 million from Meredith when he left the company to take over from Ann Moore, according to 10-K Form the company filed with the SEC last week. The money accounted for a few remaining months of Mr. Griffin’s salary and a year-end bonus worth $1,256,301. The business blog Footnoted examined the numbers in Meredith’s 10-K yesterday and noticed that, according to the terms of Mr. Griffin’s contract, the comapany’s board was not obligated to pay so much.
[T]he Separation Agreement reveals that the company paid him $125,000 “in full and final satisfaction” for any claims he had that related to his FY2011 compensation. Griffin’s base salary was $725,000 a year, which means that Meredith gave him more than two months’ worth of extra pay.
Maybe Mr. Griffin didn’t leave on his own accord? Or maybe he got two months of extra salary for being nice?
A spokesman for Meredith told the Media Mob: “Meredith Corporation paid Jack Griffin what was owed him per his employment agreement for the period he worked for the Company in our Fiscal 2010 (July 1, 2009 – June 30, 2010) and the portion he worked in our Fiscal 2011.”
Read: The Jack Griffin Dossier