Magazine article Editor & Publisher

No Cash Bonus for 'Sun-Times' Chief Freidheim in '07

Magazine article Editor & Publisher

No Cash Bonus for 'Sun-Times' Chief Freidheim in '07

Article excerpt

With the price of Sun-Times Media Group (STMG) stock and its earnings falling precipitously in 2007, President and CEO Cyrus Freidheim was awarded no cash bonus for the year but did receive 150,000 shares, an amended annual report filed with the Securities and Exchange Commission (SEC) shows.

Freidheim, a corporate turnaround expert hired by the troubled parent company of the Chicago Sun-Times in late 2006, earned a base salary of $680,000 in 2007, but failed to qualify for a bonus that could go as high as 200% of that salary, and would be paid half in cash and half in stock. To receive the bonus, STMG had to achieve a certain level of EBITDA (earnings before interest, taxes, depreciation, and amortization).

"In December 2007, the Compensation Committee determined that, while the EBITDA targets for payment of the 2007 annual bonus ... were not met, bonus awards are an important part of overall compensation and therefore important to the Company's ability to retain key management employees," the annual report says. "Accordingly, the Committee awarded a bonus to Mr. Freidheim consisting of 150,000 shares of restricted stock, which vest one year from the date of grant, subject to his continued employment on such date."

They also granted Freidheim 386,364 deferred stock units (DSUs), which vest gradually over three years. …

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