Former New York Times CEO Janet Robinson’s multimillion-dollar severance package included a $4.5 million payment for a one-year consulting gig.
Footnoted.com has now dug into the numbers and learned that the consulting contract states that she won’t be “required to provide more than 15 hours of such services or assistance in any month.”
The contract doesn’t stipulate a minimum amount of work. “So if the Times never calls Robinson, she simply gets the $4.5 million. If it does call her and she ends up consulting for 15 hours a month, that’s an effective rate of $375,000 a month, or $25,000 per hour,” Footnoted says. She’s also due a bonus, which could bring her total exit package to $21 million.