When the news broke that former New York Times CEO Janet Robinson was getting a severance package of $15 million, people were understandably upset. The Newspaper Guild even sent a letter — packed with 560 signatures — to Arthur Sulzberger Jr., protesting several items, including the amount and the timing of Robinson’s pension.
If people were pissed before, the rumor that Robinson is actually getting a $21 million severance package will likely lead to riots in the streets. Okay, it won’t be that bad, but there will definitely be some angry fist shaking.
Bloomberg News reports that Robinson is getting the big payment even as profits at the Times drop, and the search for a new CEO has some questioning the company’s future.
“The stock is kind of stuck in no-man’s land,” Douglas Arthur, an Evercore Partners analyst told Bloomberg. “‘Who’s the next CEO?’ That’s what everyone’s wondering.” Among other things, we imagine.