Wednesday, December 4, 2013

Time Staffers Miffed at Old Lang's Sign-Off & Payout

English: The Time Warner Center as viewed from...
 (Photo credit: Wikipedia)
A 15-month job tenure yields a $19 million payout over four years. Nice work if you can get it.

Staffers at Time, Inc., however, are not happy that Laura Lang, hired in 2012 as CEO of the company for a four-year term, but who announced her intended departure in March 2013, is netting a sweet payout, according to a column in today's New York Post.

The Post piece reports that Lang, who oversaw layoffs of 500 employees and a salary freeze (see "TUOL" posts 1/11/13 & 1/31/13), received a $1 million salary in 2012--her one full year on the job--and close to $1 million for her brief stay this year.  With stock value and bonus, her 2012 earnings reached $7.6 million. Additionally, the Post reported she received a $2.5 million separation bonus this year, and is expected to reap a $2.3 million "transaction bonus" next year over the splitting off of Time, Inc. from Time Warner, which mostly was overseen by Time Warner CEO Jeff Bewkes.

Lang announced in March she would step down as soon as a replacement was found, which was in August, though her contract carried through last month. Meanwhile, according to the Post, Time, Inc. managers lost their stock option grants with the Time Warner spinoffs.

Well, at least some people are finding magazine journalism profitable nowadays.
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