
So much for that income inequality the NYT’s loves to rail against.
(Reuters) — Janet Robinson, who will step down as chief executive of the New York Times Co on December 31, will receive an exit package in excess of $15 million, according to people familiar with the situation.
In addition to a $4.5 million consulting fee, the Times Co will pay Robinson $10.9 million in pension benefits that she accrued over 28 years of service, they said.
According to a regulatory filing, Times Co’s policy previously stipulated that Robinson, 61, would not be eligible for full pension benefits until she was 63 and had been with the company for 30 years. But people familiar with the matter said the Times Co agreed to pay out the full amount as part of her separation agreement.
A Times Co representative declined to give any more details on Robinson’s departure beyond the statement issued last Thursday, and did not make her available for comment.
Taken together, Robinson is walking away with just under $15 million exclusive of the value of the stock options she accumulated over her tenure with the company. The details of her severance agreement, which would also include her base salary, performance bonus, and stock options, are expected to be disclosed in the Times Co’s 10K regulatory filing in March.
