Reuters reports Lee Enterprises, owner of the St. Louis Post-Dispatch released its annual proxy statement and reporter Robert MacMillan after perusing found that there are no executive pay raises for 2008. Salaries were frozen to 2007 levels.
Salary info after the bump.
We approved the following salary adjustments for the NEOs for 2008, which became effective as of October 1, 2007:
- Ms. Junck – Increase of 3.0%, to $850,000;
- Mr. Schmidt – Increase of 3.7%, to $482,000;
- Mr. Veon – Increase of 3.1%, to $361,000;
- Mr. Mowbray – Increase of 3.1% to $335,000; and
- Mr. Kuraitis – Increase of 3.1% to $268,000.
For 2009, we have frozen NEO salaries at the levels noted above, due to difficult economic conditions affecting the Company, the publishing industry and the overall economy.
For reference, NEO stands for Named Executive Officers.
Lee, who is currently saddled with debt, is also not issuing bonuses, either. A bright spot in an industry full of executives with large payrolls and still receiving bonuses for subpar earnings.