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Arthur Sulzberger Jr. is giving up stock compensation for this year.

Sulzberger and Michael Golden told employees in a letter that their plan to forego stock-based compensation for two years -- which they described as a personal decision -- would result in about $2 million becoming available for payments to reward exceptional performance by staff who don't participate in the Times' annual bonus plan.

Just so we have this straight: They're giving up shares that are down by half in the past two years, and the family still owns 91% of the Class B shares.

Posted by edelfenbein at September 14, 2006 12:02 PM