New Los Angeles Times CEO Ross Levinsohn Will be Making $1 Million a Year–At least

He'll also be eligible for some hefty bonuses

The Los Angeles Times’ new publisher and CEO, Ross Levinsohn, who replaced ousted editor and publisher Davan Maharaj on Monday, will be making a very sizable $1 million in his new role, and that’s just his minimum pay.

That information comes via an SEC filing on Monday reporting on the publication’s latest major personnel change. Under the terms disclosed in the filing, Levinsohn will get a annual base salary of $600,000 plus an additional signing bonus of $100,000 at the beginning of every quarter that he remains in his role, with the first quarter pro-rated to his start date.

Levinsohn also has the potential to receive an annual bonus for meeting specific performance objectives. The bonus is for 166 and 2/3 percent of his base salary, which calculates neatly to $1 million. Levinsohn can also receive another bonus based off of how much the paper makes internationally on syndicated and licensed content, at 10 percent of gross.

In addition to all that, he receives 400,000 units of restricted stock and 200,000 of stock options in parent company Tronc, fully vested in three years time. Levinsohn has already indirectly increased the value of those shares. News of his hire drove shares up on Tuesday.