LAO file photo of Times building
The website Footnoted noticed a late-Friday SEC filing by the newly formed company Tribune Publishing that details the compensation package for new Los Angeles Times publisher Austin Beutner. While being paid $675,000 a year base salary plus an annual bonus with the target of the same amount, Beutner will also start to build up a little ownership stake — a head start in case he ever wants to buy the Times. The employment agreement is for three years and provides that Beutner gets a year's base salary (and more) as severance if he is terminated or leaves for good case — "which may include a change in control."
Beutner can participate in the employee benefit plans of the Times, but he also gets an annual $40,000 personal allowance "intended to cover certain other benefit costs."
Plus this from the Form 8-K:
Mr. Beutner’s employment agreement also contains certain restrictive covenants for the Company’s benefit, including his agreement not to solicit or hire Tribune Publishing or LA Times employees during his employment and during the 12-month period following termination of his employment. He is also required to maintain the confidentiality of Tribune Publishing and LA Times confidential information.
Beutner, the philanthropist and former deputy mayor under Villaraigosa, was named publisher last week. He previously had led an effort to look into acquiring the Times.