New York Times CEO Takes Millions To Go

Dec. 16, 2011 – In a surprise move, Janet Robinson, the CEO of the venerable New York Times Co. resigned. As she left, the company gave her a $4.5 million consulting agreement for one year, apparently intended as a severance deal.

Robinson “has overseen the publisher during historic declines in advertising that led the company to sell assets, borrow money and suspend the dividend,” according the Russell Adams in the Wall Street Journal.

“The Times like to slam CEO excess, until they are the ones doing it,” the president of the newspaper company’s trade unions, Arthur DeIanni, told Adams in the next day’s Journal after hearing of this multi-million dollar payoff.

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