Execs with ProJo parent prospering despite shaky media landscape
Ernest Hemingway's storied retort to F. Scott Fitzgerald about why the rich are different -- because they have more money -- comes to mind in surveying some news involving the Providence Journal.
As Ted Nesi notes, executives with ProJo parent A.H. Belo are hardly suffering amid the ongoing certainty facing the newspaper industry:
A.H. Belo awarded CEO Robert Decherd $1.9 million in 2012, up from $1.6 million in 2011 and $499,180 in 2009, according to a Securities & Exchange Commission filing.
Decherd’s compensation included a $567,692 salary, bumped up from $480,000 in 2011; $705,678 in cash bonuses; $487,500 in stock awards; and $127,139 in other benefits, including $7,920 for life insurance. Decherd is also A.H. Belo’s chairman and president.
In addition, the Dallas-based company said it paid Executive Vice President James Moroney $1.4 million in 2012, up from $1.1 million in 2011; Chief Financial Officer Alison Engel $805,490, up from $626,091; and Senior Vice President Daniel Blizzard $557,672, up from $424,991. Former executive John McKeon received $272,286 before his departure last April.
For another example of the disparity between the frontline workers of media companies and their well-heeled execs, recall how the parent of WJAR-TV, Channel 10, got a $600,000 boost in his compensation in proximity to when Media General employees had to take three weeks of furloughs in 2011.