Meanwhile, At Brand X..
I thought you might the following note interesting.
It seems the guys running the show over at the New York Times have taken a slightly (?) different approach when it comes to dividing the economic pie in these difficult times.
According to the intrepid reporters at Dow Jones Newswires:
"Top officials of the New York Times Co. (NYT) became the latest to voluntarily cut some of their pay to benefit company employees.
Arthur Sulzberger Jr., chairman and publisher of the company's flagship newspaper, and Vice Chairman Michael Golden asked directors not to grant them stock-based compensation for this year and next.
The unused funds, the New York Times said in a Securities and
Exchange Commission filing Wednesday, will seed a bonus pool for
Imagine that. Taking unused executive compensation and spending the money on employees— remarkable.
By the way, the Dow Jones Board met on Wednesday (September 20th.) There was no indication that anyone at the top of the food chain at Dow Jones had any suggestion about cutting executive compensation, in spite of reducing its guidance for third-quarter earnings per share, citing lower-than-expected advertising revenue for September.