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Glass houses, stones & the NY Times

April 24, 2009

nytimes1New York Times editorials pull no punches in criticizing executive pay.

However, if one studies the Times’ own executive compensation, one gets a whiff of hypocrisy.

According to the NYT Proxy Statement, Janet Robinson, President/CEO received 2008 compensation of $5,578,451, a 35% increase from 2007. Her pay increased during a period of continued industry contraction, including employee layoffs, and stock price underperformance.

Robinson also owns only 1,020,441 shares of stock — currently worth less than her annual compensation.

Rocky doesn’t own NYT stock, and has no opinion whether Ms. Robinson deserved a 35% raise. If he were a shareholder, he would study the issue more carefully — and if it’s as outrageous as it superficially appears, he would vote against the Board’s re-election.

More importantly, he believes that “people who live in glass houses shouldn’t throw stones.”

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  1. April 24, 2009 at 2:44 pm

    I am as capitalist as a capitalist can be and even I am sick and tired of the executive comp that comes out of shareholder’s pockets.

    As shareholders we all need to stand up and scream THAT’S MY MONEY you’re spending.

    Executive comp committees do not have the shareholders interest as their main concern. They are too close to the very executives they are making the comp decisions on.

    I want a base salary in place and a bonus structure based on net income growth and only net income growth. If net income doesn’t grow there is no bonus. Period.

    I’m mad as Rocky and I’m not going to take it anymore!!

  2. JT
    April 27, 2009 at 9:39 am

    Gee Rocky,
    I see that you pulled out the last post regarding the Microcap stock brochure. Fear of a lawsuit? Do you really think people will care when the traffic of your blog is confined to 1-2 comments in a blue moon and posts went from once a day to once a week?

    lol

  3. April 27, 2009 at 11:41 am

    JT:
    Firstly, Rocky appreciate your comments. Your last comment was on 3/10 — when your bearish comment about GE marked almost the exact low (and the stock is now up 50%). So please keep posting your thoughts, as they are quite helpful to Rocky’s trading.

    Secondly, he does not understand your microcap stock comment. The post is still out there — perhaps you should reboot your computer? Or check to see if your internet connection is down? If you think SPUS are still at 660 (and GE is under 8,) you’ll know it’s the latter.

    Thirdly, Rocky only posts comments when he has something to say — worthless or otherwise. If you want continuous background noise, he suggests that you tune your TV to either CNBC or MTV.

    Lastly, when Rocky is not trading or posting a comment, he travels the world visiting internet cafes — where he visits his blog and generates site hits. The lack of traffic and/or posts should be considered in light of this. Hence, much like your conclusion about GE, your views are based on spurious and/or an incomplete understanding.

    But thanks for your comments — keep ’em coming!!!

    P.S. Rocky almost forgot to thank you for taking the other side of his Microsoft trade too…. hope things at HNTB Corp are going well….cheers!

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