By Kevin McCauley
More than 270 staffers of the New York Times signed an open letter to publisher and interim company CEO Arthur Sulzberger on Dec. 23 to protest demands for a freeze in pension plans and the end of independent health insurance policies.
The move comes in the aftermath of the high-profile resignation of CEO Janet Robinson who walked away with a lucrative compensation package, which gives her a $4.5M one-year consultant fee plus $10.9M in accrued pension benefits for her nearly 30 years of NYT services.
The letter states: “One of our colleagues in senior management recently announced her retirement from the paper, which is reported to include a very generous severance and retirement package, including full pension benefits.
The union members believe that “all of us who work at the Times deserve to have a secured retirement; this should not be a privilege cynically reserved to senior management.”
The value of NYTC stock plummeted 80 percent to $7.80 during Robinson’s seven-year run. It is down 25 percent this year.
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