WaPo Executives Make Millions While Paper Cuts Staff, Benefits
The publisher of the struggling Washington Post made over $2.4 million last year, and at least three other executives made over $3 million while the left-leaning newspaper slashed benefits for its employees and laid off others.
According to Securities and Exchange filings reviewed by the Washington City Paper, publisher Katharine Weymouth (pictured) earned $2,436,413 in salary and bonuses last year. Her "haul came from her $625,000 salary, a bonus of $611,413, and a $1,200,000 payment for a 2009-2012 incentive plan." She also "received a 3.5 percent raise this year, with her new salary set at $646,875." She received her raise even though The Post Co.'s share price fell three percent in 2012.
The Post has reduced benefits for its employees while dumping its Ombudsman and slashing jobs after Valentine's Day, while advancing the narrative that CEOs who do the same are villains. The paper has lost subscribers, advertisers, and its stock has gone down by three percent.
According to the City Paper, "Weymouth's uncle, Post Co. CEO and Chairman Donald Graham, made $877,724," her mother, Elizabeth "Lally" Weymouth made $300,000 in 2012 as the paper's editor-at-large, and "Laura O'Shaughnessy, Graham's daughter, made $150,000 in salary and $22,750 in bonuses in 2012 for her role as the CEO of Social Code, a company owned by the Post Co."
Those not in Weymouth's family also made millions at the Post.
According to the filings, "Senior Vice President of Finance Hal S. Jones made $3,612,562," Senior Vice President of Planning and Development Gerald M. Rosberg made $2,258,617, Senior Vice President Ann L. McDaniel made $3,226,678, and Senior Vice President and General Counsel Veronica Dillon made $3,064,015.
In addition, Dillon received perks like "financial advice and living expenses reimbursements worth $82,468."
Photo: Asa Mathat/AllThingsD.com