Washington Post Execs Get $2.3 Million in Stock Bonuses
With the Washington Post's vice president for human resources predicting "an urgent need to reduce costs," it looks like 2013 will be a lean year for the paper's staff. But at least for now, the good times are still rolling in the Washington Post Co. executive suite. On Monday, six executives at the Post's parent company received nearly $2.3 million in bonus Post stock, according to new SEC disclosures.
Post publisher Katharine Weymouth took the lion's share of the bonuses, which were awarded under executives' incentive plans. Weymouth received 2,500 shares of the stock in the company, which, according to the stock's Monday price of $372.94 per share, was valued at $932,350.
But Weymouth wasn't the only senior employee whose performance earned them some stock. Hal Jones, Veronica Dillon, Ann McDaniel, and Gerald Rosberg, all senior vice presidents at the company, each received 800 shares, worth $298,352. Vice president Wallace Cooney received 400 shares, worth $149,176.
Since the stocks don't vest for four years, according to Post Co. spokeswoman Rima Calderon, it's not like Weymouth or her colleagues can just turn around, sell the stock, and pocket a couple of hundred grand. But as the company's executives increase their stockpile of Post stock, it's worth considering how the Post Co.'s financial policy, including its large dividends, skews toward its shareholders.