Joe Ripp to Make $4.75 Million Per Year

The Time Inc. split from Time Warner still hasn’t happened, but when it does, we now know how much Joe Ripp — the publishing house’s CEO — will rake in each year: About $4.75 million. That’s not bad at all.

The New York Post reports that Ripp will get an annual base salary of $1 million, along with a bonus of up to $2.25 million. He’ll also get “make whole grants,” which will be $1.5 million each year.

While Ripp is enjoying his almost $5 million per year, we can assume that Laura Lang, Time’s outgoing CEO, will be loving life as well. She’s still due her $1 million base salary, plus a $1.8 million a year bonus, through 2015.

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