Indeed, JRC is generous -- to its executives!

[wickedwritah]

I wish I were Ms. Clifton right about now. Release the hounds (and BYH)!

Just moved across the wire:
WASHINGTON (AP) - Journal Register Co. said Friday that outgoing President, Chief Operating Officer and director Jean Clifton will receive a $2.81 million payment in connection with her resignation.

The payment includes three years of base salary, bonus and company matching contributions to certain contribution plans.

According to a filing with the Securities and Exchange Commission, Clifton also entered a three-year consulting agreement that provides for a monthly retainer of $8,000.

The Trenton, N.J.-based newspaper publisher will pay Clifton an hourly rate for consulting services that exceed 20 hours a month, but the rate wasn't specified in Friday's SEC filing.

Clifton agreed to a one-year non-competition agreement provision with respect to certain newspaper publishing companies, and she will receive $46,750 for achievement of certain performance goals in 2006.

Journal Register announced in a May press release that Clifton would resign effective June 30.

 

[sportschick]

Don't forget WHA as well. I love JRC rants

 

[terrier]

As Calamity Jean accepts the golden handshake, my former place of employment has gone more than four years without a new contract.
Having lost two family members to it over the past year. I don't wish cancer on anyone. But damn, does Jelenic test my resolve...

 

[Job Sisyphus]

As Calamity Jean accepts the golden handshake, my former place of employment has gone more than four years without a new contract.
Having lost two family members to it over the past year. I don't wish cancer on anyone. But damn, does Jelenic test my resolve...

So when the contract runs out, they can do pretty much anything they want, right?

Cut everybody's pay 50%, eliminate all benefits, lay off half the staff, no regard to seniority? Work 7 days a week, 70-80 hours a week, and nobody can do anything about it (except the Gubbmint, and you can forget about that ).

Just want to get a clearer look at the future.

 

[terrier]

Luckily, my former paper has an evergreen clause in its contract, despite JRC's best efforts. So they just go without raises, and the talent exits. The person who replaced me when I departed less than two years ago has already left the building.

 

[lono]

JRC is the evil empire. But you knew that already.

 

[chazp]

[blue]A monthly retainer of $8,000 a month. Well if she can get on food stamps, she might survive.[/blue]

 

[lapdog]

JRC cut dozens, probably scores, of jobs nationwide on Thursday and Friday.

14 editorial jobs, with aggregate payroll of over $400,000, were cut from just two papers on those two days.

No word whether Jelenic will be taking a pay cut anytime soon.

FWIW, neither paper was the Trentonian.

 

[Tom Petty]

love these guys. they have the balls to say "fork you" and pish in employees' faces, yet people in their shops continue putting in full days.

 

[PHINJ]

We're not allowed to say bad things about JRC on here.

 

[Songbird]

Screw the executives! (or so says the CEO in the 40th version of the same thing he's said for 3 years, added with a healthy dose of charts and profit braggadocio).

To that end, Digital First Media will roll out in the coming weeks the details of a profit sharing plan for all employees.
It will include non-union and union employees' alike but not senior executives. They're well paid and it's enough already.

http://jxpaton.wordpress.com/2013/06/21/the-past-cant-buy-the-future/

 

[LongTimeListener]

That forker John Paton again? Has nobody from the inside called him on his bullshirt yet?

It will include non-union and union employees' alike but not senior executives. They're well paid and it's enough already.

[/quote]

Translation: Since we make no money and never will, our senior executives want no part of this "profit sharing" and would prefer to be paid in cold hard cash, of which we have none after we pay the executives.