NEW YORK (AP) — The New York Times Co.'s incoming CEO Mark Thompson will receive annual compensation of about $5 million, the company said in a securities filing Friday.
Thompson, 55, will be paid a $1 million annual salary, have an annual target bonus of $1 million and receive a signing bonus in stock and stock options worth $3 million, the company said.
In 2013, Thompson's pay package is slated to be largely the same, except the signing bonus will be replaced with a long-term incentive stock award also worth $3 million.
Thompson, the outgoing director-general of the BBC, will receive moving expenses of up to $100,000 through 2013 for relocating from Oxford, England, to New York. He will also receive legal fees up to $25,000 for contract negotiations. The Times Co. will also provide him with housing for three months after his start. Thompson is set to begin in November.
Thompson led the British Broadcasting Corp. for eight years. He replaces Janet Robinson, who resigned as the Times Co.'s CEO in December. Chairman Arthur Sulzberger Jr. will step down as interim CEO once Thompson starts work.
The Times Co.'s stock was up 6 cents at $9.33 in afternoon trading Friday.
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