Despite losing $632 million in 2008 and asking salaried employees to take two weeks off, it still pays to be a head honcho at Richmond-based Media General.
Chief executive Marshall Morton received $2.76 million in total compensation in 2008, according to an SEC filing. That’s about the same as 2007 and about 15 percent less than in 2006, when the company had profits of $79 million.
Reid Ashe Jr., the executive vice president and chief operating officer, brought home $1.55 million in total compensation. That’s down from $2.5 million in 2006. Vice president Graham Woodlief hauled in $1 million; George Mahoney, $1.06 million; and John Schauss, the chief financial officer, $884,800. No executive bonuses were paid in 2008, and the stock dividend payment has been eliminated (cutting off a flow of compensation to executives and board members, as well as the Bryan family).
But there’s still a corporate jet, according to the Proxy Statement filed with the SEC.
It’s also still a good time to be on the board, even though several board members have no experience in the business of media. In 2008, directors received $116,000 for scheduled meetings, half of which was paid in Class A stock. One person of particular note on the board is Diane Cantor, wife of U.S. Congress member Eric Cantor.
Some other tidbits from the SEC documents:
Ernst & Young charged $1.3 million for its accounting services, up from $1.05 million in 2007.
Media General is struggling in part because of troubles in Tampa, where they own their largest newspaper, the Tampa Tribune.
Revenue from publishing fell faster than the company could cut costs, meaning the division lost more money than in the previous year.
The company’s Dealtaker coupon site had profits of $4 million.
Local advertising revenue grew 36 percent from last year.
The company will suspend raises and its 401(k) match at the beginning of April.
Aaron Kremer is the BizSense editor. Please send story tips to [email protected]
This is why hardworking people like my mom dont have there jobs anymore…. So some egotistical jerk who doesnt need anymore money can fill up the company jet with gas everyday because he is to lazy to drive somewhere or to go to the airport and get on a plane like every other normal person.. Its heartbreaking to think that this is what it turns to somebody who as worked there for almost a decade is let go.. While someone who probably has never done the job that the hardworking people have to do and who probably doesnt know how… Read more »
This is so typical of the RTD and not remotely surprising. In my experience there one could count on decade-old management trends and whims, favoritism, nepotism, clearly inept people kept on for no known reason. More ‘supervisors,’ who largely spent time ‘writing up people’ than there were people who could actually do the needed work. Outlandish “Performance Bonuses” for top execs. 2.6 million salary for Marshall Morton? DIANE CANTOR receiving $116,000 for attending meetings, because she’s– the wife of Congressman Eric Cantor? During my time there the “good old boy” network and standards of operation were firmly in effect, and… Read more »