The New York Times Company is still seeking a replacement for CEO Janet Robinson who departed last month, and Wall Street isn’t too happy, reports Bloomberg.
A new leader is needed to bring up revenue, shore up profits and restore the Times Company’s dividend, Bloomberg writes. The company, which announces fourth-quarter results next week, is projected to report that its 2011 revenue was $2.33 billion, a decline from 2010 and the sixth straight year of declining sales.
“The stock is kind of stuck in no-man’s land,” and the absence of a CEO is part of what’s keeping it there,” one analyst told Bloomberg.
Meanwhile, Janet Robinson’s parting pay package is actually going to be around $21 million, more than previously reported.