The Washington City Paper takes an interesting look at Bob Woodward’s buyout package at the WaPo (he finally took it after saying no to two previous offers). But it’s sorta complicated:
- For the Post’s legendary investigative reporter, however, the buyout may not exactly yield a windfall, largely because he has been drawing a salary of $10,000 for the past couple of years. … Yet there’s an interesting wrinkle in Woodward’s package: That $10,000 salary? It represents a voluntary pay cut that took effect in mid-2006. Prior to that, Woodward earned a salary commensurate with his title as a Post assistant managing editor, about $180,000. If his exit payment is calculated on that basis, he’d get $360,000 via the buyout. The biz people at the paper are now trying to figure out whether to give Woodward the small payout or the large payout.
Don’t worry: Woodward will still do those
rough drafts for his books big, long-form pieces for the paper … all at a salary of $1 a year.