Although New York Times Co. ceo Janet Robinson wasn’t supposed to be eligible for full pension benefits for two more years, she was paid the full amount–a whopping $10.9 million–as part of her severance agreement, reports Reuters. Reminder: she’s also getting a $4.9 million salary for one year of consulting.
It’s unfortunate that this news comes on the heels of a bunch of buyouts at the Times–including print veterans George Vecsey, Clyde Haberman, and Diana Henriques–and the sale of its 16 regional newspapers.
It seems like a pretty gilded parachute for the ceo of a company whose shares are down 25 percent this year, but according to the article she was trying. Ms. Robinson had ramped up publicity efforts for the business side, including speaking at media conferences, in order to lure back investors. According to some sources, chairman Arthur Sulzberger Jr. saw that as a power play. The bad kind.