The publisher of The New York Times trimmed its CEO's pay package by 8 percent last year as it cut costs in response to a prolonged slump in advertising revenue.
That's according to an Associated Press analysis of data filed with regulators on Friday.
CEO Janet Robinson received a 2010 pay package worth $4.48 million, down from $4.86 million in the prior year. The decline stemmed from a 35 percent drop in the value of stock awards she was granted. Robinson's salary of $1 million rose 4 percent and her other cash incentives increased 3 percent, partly because she has orchestrated an austerity program that has cut expenses and helped boost earnings.
The AP's formula isolates the value the company placed on its CEO's total compensation. It includes salary, bonus, incentives, perks and the estimated value of stock options and awards.