Pushed-Out NYT CEO Receives $21M Golden Parachute

Pushed Out New York Times CEO Takes $21 Million, Leaves Uncertainty

    By Joe Coscarelli

Bloomberg reports today that the sudden resignation of New York Times Company CEO Janet Robinson at the end of 2011 came because she was pushed out by chairman and heir Arthur Sulzberger Jr. and his cousin, COO Michael Golden, and that for her troubles, Robinson will receive an exit package worth more than $21 million, much more than the $4.5 million in consulting fees previously reported. And yet revenue and profits at the company are down again.

The Times Co. will report its fourth-quarter earnings next week, and is projected to announce a sixth-straight year of decreased revenue, totaling $2.33 billion, or a 2.7 percent dip from 2010. Profit dropped in all four quarters, according to projections, with shares down to 41 cents from 46 cents a year prior. "The stock is kind of stuck in no-man's land," an analyst told Bloomberg. "'Who's the next CEO?' That's what everyone's wondering."