Forbes: Boss Got Raise As Philly Papers Tanked. As the parent company of The Philadelphia Inquirer and Daily News slid toward the Chapter 11 bankruptcy filing it made over the weekend, one employee did well on the pay front: CEO Brian P. Tierney.
How disgusting is this?
The arrogance of the people like Tierney just compounds the woes of the newspaper business. He and his management team are facing the perfect storm when it comes to the revenue model for newspapers, but they don’t have to add to the damage with their greediness.
These are not small issues. The journalists and truck drivers and printers and salespeople at the Philadelphia have every right to feel betrayed.
UPDATE: The bosses have recognized reality and rolled back the raises. (Given that they did a leveraged buyout of the company, their salaries remain way too high, but that’s another issue.)