Sunday, April 5, 2009

Easy Street: McClatchy pays its board of directors good money

Talk about a cushy job:

During fiscal 2008, McClatchy paid its non-employee directors an annual retainer of $40,000 per year plus $2,000 per day for in-person attendance at meetings of the Board of Directors and $1,500 for attendance at committee meetings. Attendance at regular Board meetings by teleconference was compensated at one-half the rate for in-person attendance. Committee chairpersons, other than the chairs of the Audit Committee and the Compensation Committee, received an additional $7,500 per year for their services.

The Audit Committee chairperson received an additional $12,500 per year for his services and the Compensation Committee chairperson received an additional $8,500 per year for his services. McClatchy also [reimbursed non-employee directors for reasonable expenses] incurred by them in connection with the business and affairs of McClatchy.

The Board of Directors determined that non-employee directors would not receive [stock or option awards] in fiscal 2008.
To see the compensation MNI's directors received in 2008, click here. Other than Anthony Ridder (who has essentially flown the coop), MNI's lowest-paid director made $72,557, and the company's highest-paid director made $105,445.

It's a great gig for the inept -- the money keeps rolling in, no matter how deep into the pit McClatchy sinks.


Anonymous said...

@ EDGAR online
MNI Investment Stockholders
Ariel Investments, LLC
16,060,006 16,060,006 (20) 27.67 %

Barclays Global Investors, NA
3,533,899 3,533,899 (21) 6.09 %

Bestinver Gestion S.A., SGIIC
9,776,396 9,776,396 (22) 16.85 %

Brandes Investment Partners, LP.
4,340,377 4,340,377 (23) 7.48 %

Chou Associates Management Inc.
5,571,077 5,571,077 (24) 9.60 %

Anonymous said...

More EDGAR online: Annual Meeting Information

As of the close of business on March 23, 2009, the record date, there were outstanding:

58,036,470 shares of McClatchy’s Class A Common Stock
25,050,962 shares of McClatchy’s Class B Common Stock.
The Compensation Committee has delegated to Mr. Pruitt the authority to [grant a limited number of SARs and long-term incentive awards to non-executive employees.] The Committee determines the total number of SARs and other awards that Mr. Pruitt is permitted to grant annually.

Mr. Pruitt makes [grants of equity awards to new hires or promoted employees], with a grant date as of the employee’s first day of employment or effective date of promotion and, with respect to SARs and options, at an exercise price equal to the closing market price of our Class A Common Stock on the date of grant.

Anonymous said...

Pruitt’s bonus formula in better times - 2007

CEO Bonus Plan, the bonus can range from zero to 200%
Target is 125% of Mr. Pruitt's 2007base pay.

The [Subject to the Performance] may have convinced him to forgo his 2008 bonus.
In addition, on January 23, the Compensation Committee set Mr. Pruitt's fiscal 2007 bonus formula. Under this formula Mr. Pruitt's fiscal 2007 bonus opportunity is .005 times the Company's operating cash flow for the fiscal year (the "Performance Limit"). Fifty percent (50%) of the bonus will be based on the Company's operating cash flow performance as compared to budgeted operating cash flow goals and the other fifty percent (50%) will be based on achievement of non-financial goals. [Subject to the Performance] Limit and further subject to a maximum dollar limit of $2 million under the CEO Bonus Plan, the bonus can range from zero to 200% of Mr. Pruitt's 2007 base pay. Mr. Pruitt's base pay for fiscal 2007 is $1,100,000.

Anonymous said...

This is how Boy Blunder Pru keeps his job. You stuff the board with a bunch of incompetent geezers, pay them off and make believe Gary boy is doing a swell job. Do you know of any corportation where a CEO presides over a stock price going from $45 to about a half a buck who keeps his job?

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