Don’t worry, reporters at under-staffed, overworked, demoralized Lee Newspapers. Your bosses are still getting bonuses, even as more of your co-workers lose their jobs.
In a Thanksgiving miracle, the executives of the chain that keeps losing money were rewarded for their malfeasance with some stock bonuses, reports Jim Romanesko. The tally?
Chief executive officer Mary Junck — 200,000 shares
Chief financial officer Carl Schmidt — 50,000 shares
Chief operating officer Kevin Mowbray — 50,000 shares
Vice president of sales and marketing Michael R. Gulledge — 22,000 shares
Vice president of interactive Gregory Schermer — 16,000 shares
Vice president of publishing Greg Veon — 10,000 shares
In total, that’s a cool $1.25 million for six executives whose company lost over $70 million in 2013. In bonuses.
To be fair, most people would probably take a crochet pot holder over a 1,000 Lee shares at a white elephant Christmas exchange given that the pot holder is still likely to have value in three years, but the non-stop rewards given to the very people who are destroying Lee have to hurt.