Saturday, April 28, 2007

They'll take smaller bonuses

While rank and file folks are dealing with buyout documents and layoff fears, Tribune execs are making personal decisions too.

Some Tribune execs are either declining to accept their huge bonuses, or settling for less. CEO FitzSimons passed on his entirely. And Tribune Publishing president Scott Smith will give up his $400,000 bonus. Senior VP of finance/administration Donald Grenesko will settle for a meager $400,000 instead of the $600,000 due him and Tribune Broadcasting president John Reardon will receive $200,000 instead of $350,000. When the Zell deal closes, the five highest-paid executives will cash out about $65 million worth stock, options and restricted stock.

Read more about it here.

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