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