Time Inc may be in the process of being taken over by Meredith, but that isn’t stopping the once mighty magazine publisher from issuing bonuses totaling more than $2 million to its top brass ahead of the sale closing. According to Axios’s Dan Primack the company is planning “Big New Bonuses” for top execs including CEO Rich Battista who already stands to walk away with an estimated $15 million after the acquisition closes and company chairman John Fahey. However the decision to issue bonuses to the top layer contradicts an April 2017 regulatory filing that said:
“none of the [senior executives] is eligible for any cash payment or benefit solely upon the occurrence of a change in control.”
So what changed since then? According to Axios these bonuses are on top of previously approved compensation plans designed to keep top exec in place at the company during the transition. Is this some kind of last minute tone deaf parting gift? And where will the money come from? According to a new filing, the money will come from a retention bonus pool that was “previously established” but apparently the company forgot to mention this pool of cash in previous regulatory filings.
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