From $1 to $675K for new LA Times chief!

August 18, 2014

There’s been lots written over the past few days about Austin Beutner, who was named publisher and CEO of the Los Angeles Times last week. In the press release, the newspaper described Beutner as an “entrepreneur, philanthropist and public servant”.

The press release (and most of the subsequent press coverage including this story in the very newspaper that Beutner will be running)  noted how he famously accepted a mere $1 salary when he was named First Deputy Mayor of Los Angeles in January 2010.

Given all of that Michelle, being relatively new to Los Angeles, took more than a passing interest when she came across this 8-K filed by the newly spun-off Tribune Publishing Co. in the weekly Friday Night Dump.

For one, there’s the $675K in base salary, plus another amount equal to  “no less than his target bonus prorated” for 2014 based on that $675K salary. There’s also another $675K in equity grants for the next three years — half of which will be options and the other half restricted shares.

And then there’s the cherry on top: an additional $40K for a “personal allowance”.

In other words, not quite the buck he was making as First Deputy Mayor.

Given these goodies, is it really any big surprise that this filing was made just 15 minutes before the SEC closed its electronic window on Friday?

Posted in: Compensation, Friday Night Dump

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Companies Mentioned: Tribune Media Co.,
2 Replies to "From $1 to $675K for new LA Times chief!"
  1. Stacy writes:
    September 14, 2014

    I doubt this comment will be posted, but here are three questions to answer, which are between you and your conscience:

    1) At $10,000 per annual subscription (a sum far out of the realm of fairness to individual investors, let’s be honest), what is your annual salary?

    2) What makes you think you deserve that annual salary (i.e., how much work do you do in exchange for that salary?)?

    3) What makes your answer for #2 any more valid than what Austin Beutner’s answer to #2 would be?

  2. Michelle Leder writes:
    September 15, 2014

    Well, “Stacy,” you’re wrong. I posted that comment. Here’s my response:

    1. Can you show me where on the site it says that this service is designed for individual investors? I don’t need to defend myself or the site, but I’ve given away far more information over the years than most people do. I don’t need to disclose my annual salary because I am not a public company. Nice try, though.

    2. I don’t keep track of my hours, but I can assure you that this is not a part time job. If it was, don’t you think I’d have lots of competition?

    3. The market dictates my salary.

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