New York Times head may get $5m
Mark Thompson, the newly appointed chief executive of The New York Times, stands to receive compensation of up to $5 million next year, according to a US regulatory filing today.
Mr Thompson, outgoing director-general of the BBC, will receive a compensation package that includes $1 million in an annual base salary, plus bonuses and $3 million in performance-based stock and stock options.
His compensation is similar to that of former New York Times chief executive Janet Robinson, except that Mr Thompson will not take part in the company's pension plan.
Mr Thompson will also receive up to $60,000 in relocation fees to New York from Oxford, England, and $25,000 in legal fees connected with the employment agreement, the company said in the filing with the Securities and Exchange Commission.
The New York Times named Mr Thompson chief executive on Tuesday, capping an eight-month search for a chief executive. He starts in November.
Ms Robinson left abruptly last year after a 28-year career with the group. She received a total payout of $24 million.
The group's chairman Arthur Sulzberger received $5.9 million in total compensation in 2011.
Shares of the New York Times were up 0.5 per cent at $9.44 in morning New York Stock Exchange trading.