Projo parent A.H. Belo’s execs get $1.6M in bonusesApril 4th, 2011 at 4:20 pm by Ted Nesi under Nesi's Notes
A.H. Belo CEO Robert Decherd’s total compensation more than tripled to $1.87 million in 2010, up from $499,180 in 2009, according to WPRI.com calculations based on the SEC filing.
Decherd’s 2010 pay package included a $480,000 salary; a $408,000 cash bonus; $949,998 worth of stock awards; and $29,872 in “other compensation.” The latter category included $8,760 for life insurance, $3,150 in tax gross-ups to make up for the cost of taxes on other benefits, and a $420 cell phone allowance.
Among the other four top executives, Dallas Morning News Publisher James Moroney earned $1.3 million in 2010, up from $478,090 in 2009; Morning News President and General Manager John McKeon earned $1.3 million in his first year on the job; Chief Financial Officer Alison Engel earned $800,001, up from $276,765; and Senior Vice President Daniel Blizzard earned $575,000, up from $211,228.
The largest cash bonus went to McKeon, who received $584,960, most of it as a retention bonus. Moroney got $327,250 in cash, Engel got $150,000 and Blizzard got $100,000. Dallas-based A.H. Belo owns the Projo, The Morning News and The Press-Enterprise of Riverside, Calif.
(WPRI.com’s compensation estimates are lower than two of the amounts A.H. Belo reported in its SEC form because ours subtract out yearly changes in the actuarial value of executives’ pensions; adding that back in would increase total compensation to $2.04 million for Decherd and $1.43 million for Moroney.)
A.H. Belo’s stock price rose 51% in 2010, from $5.76 a share at the start of the year and to $8.70 at the end. The company posted a net loss in 2010 of $124.2 million, or $5.92 a share, compared with a loss of $107.9 million, or $5.25 a share, in 2009. Revenue fell 6% to $487.3 million.
In a letter to employees last month, Decherd said A.H. Belo was reinstating the company’s 401(k) match of 1.5% for the first half of this year. But he warned that it may be a long time before the company can hand out performance-based raises to rank-and-file workers.
Executives “continue to monitor competitive pay practices in our industry and we are very much aware that there have been no merit increases at A.H. Belo since 2008,” Decherd said.
“However, the early-stage recovery in Dallas and the economic challenges in Rhode Island and Inland Southern California continue to create uncertainty that makes it difficult to predict when merit increases can be implemented at any level in the company,” he said.
(logos: A.H. Belo)