Post Guild Rips Publisher’s Potential Stock Windfall
The Post Guild—the union representing newsroom employees and some ad sales reps and other business-side workers at the Washington Post—has heard about Post publisher Katharine Weymouth's potential mega windfall if she hits her performance goals, and they aren't happy.
Guild co-chair Fredrick Kunkle slammed the incentive plan that could give Weymouth shares in 2018 that are worth around $15.4 million today.
"Are all these sacrifices so the publisher can get a big fat bonus?" Kunkle says. When the news about Weymouth's potential stock award broke, Kunkle says, a Guild member posted on the union's private Facebook group: "Is this what we're working for?"
Kunkle really goes for it in a statement to Media Matters, picking at the long-festering dispute over fluffy slideshows at the paper and alluding to the paper's celebrations for the 40th anniversary of the Watergate scandal:
"It's even more shameless when you consider that the various strategies hatched by some of these bonus recipients have failed to boost the stock price or increase ad revenues, and yet arguably have diminished the Post's stature everywhere except among fans of squirrel galleries," Kunkle writes. "But I guess we'll always have Watergate."
The Washington Post Co. did not respond to a request for comment.