Mark Thompson, the new chief executive officer of The New York Times Company, is going to earn an annual salary of $1 million.

Plus, his sign-on bonus to be paid in stocks and stock options is valued at $3 million, according to The New York Times.

In addition to numbers released this morning, reportedly he’s eligible for an annual bonus of $1 million.

Thompson is eligible to earn a separate bonus to the tune of $3 million as it relates to meeting long-term incentives. This isn’t a guaranteed number; its’ contingent on meeting specific goals and would be paid out over three years.

Joining from the BBC, he replaces Janet Robinson. According to the piece, his compensation package is similar to hers. It’s anticipated he’ll begin his new job this November.