Total compensation increased almost 22% last year for Journal Communications Inc. chairman and chief executive Steven J. Smith, according to a regulatory filing by the company Thursday.
Smith earned no bonus, but his salary rose 3.7% to $798,077. He received stock awards worth $1,672 and option awards valued at $397,003, a proxy statement for the Milwaukee-based media company and publisher of the Journal Sentinel said. The biggest change in compensation was in the value of Smith's retirement benefits, which grew to $233,110, compared with $74,782 in 2007. He received other compensation last year worth $16,095.
Journal Communications posted a $224.4 million loss in 2008, largely due to $228.7 million in non-cash charges in the fourth quarter as the company wrote down the value of goodwill and some of its television and radio licenses. The company's newspaper, radio and TV operations also saw declines in revenue because of the recession and the ongoing migration of ads to the Internet. Its stock price fell 72.6% during 2008.
With all the talk from the editorial board and from the other media outlets about capping CEO pay at 500k they are letting this slide. Why? Oh thats right its one of there own.
