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Burying the lede…

Yesterday, Dow Jones (DJ) announced that it had tapped Richard Zannino to succeed Peter Kann. The release also noted that Kann’s wife, and Wall Street Journal publisher Karen Elliott House, would be stepping down “by mutual agreement”. Since the announcement, more than a dozen stories have been written about the executive comings and goings at Dow Jones. (See Romenesko for links to most of them).

Of course, what’s particularly amusing here is that even news organizations use SEC filings to bury the news when it comes to what’s going on at their own company. Dow Jones waited until today to file this 8-K that provided some details (though not the actual separation agreement) with House, whose tenure at the Journal has been somewhat controversial. Under the agreement, House will continue to work “for a couple of transition months”. After the transition period, she’ll continue to collect her regular salary for two additional years, plus collect a bonus equal to two times her target bonus, whatever that works out to. In 2004, House made $513K in salary and received a bonus of $180K, which the proxy notes was “slightly above target levels”. Stock options that she holds will continue to vest and she’ll also collect additional money under the company’s long-term incentive plan.

As for Kann and Zannino, the filing says that they’re still working out the details.