* As we’ve discussed before, the Belleville News-Democrat has been shedding experienced staff over the past several months. The BN-D is owned by McClatchy.
From the Columbia Journalism Review….
On Friday morning, McClatchy President and CEO Craig Forman emailed employees to let them know 450 staffers across the enterprise, all aged 55 and over, would be offered early retirement.
In his email on Friday, Forman attributed this latest reduction in staff to “the culmination of the enormous progress McClatchy has already made in our transition to a digital future,” but the response among reporters didn’t match his optimism. “McClatchy laid off a bunch of folks including me back in 2018,” reporter Christian Boschult tweeted as the news broke. “Hopefully the folks who don’t take buyouts aren’t let go.” […]
In 2017, Forman’s take-home pay from McClatchy was $1.7 million, excluding restricted stock. His newest contract with the company, dated January 25, 2019, includes a base pay of $1 million, a bonus of $1 million, and an additional $35,000 monthly stipend. According to Segal, this stipend will be used to pay for Forman’s travel, housing, office, and security expenses. This monthly stipend alone, which is up from $5,000 in his previous contract, could fund several reporters’ salaries every year.