Thursday, November 26, 2015

Postmedia paid $1 million in bonuses as it slashed jobs

Postmedia Network paid nearly a million dollars in bonuses to executives for their hand in the deal to buy the Sun newspapers, even as the debt-saddled company was slashing costs and jobs across the country, the Star reports.
Canada’s largest newspaper chain paid out a total of $925,000 in discretionary bonuses to its top six executives in the 2015 fiscal year ended in August, according to company documents filed Wednesday.
CEO Paul Godfrey, whose base salary was unchanged at $950,000, received $400,000 in the special payout. He was also the only executive to receive a bonus under the short-term incentive plan. The short-term bonus amounted to $118,750, even though the company fell short of its operating profit target used to calculate that bonus structure.
Godfrey’s total compensation was $1.76 million, up from $1.42 million the previous year.
Ousted chief operating officer Wayne Parrish received a $150,000 bonus related to the Sun acquisition, plus a $1-million severance package after his termination in July. That was twice his $475,000 base salary.

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