Media General honcho received millions in compensation

Thanks to Andy over at the Yadkin Valley News for providing this little tidbit...seems as though Media General president and CEO Marshall Norton willingly accepted a lavish compensation package, this as employees were notified this week of company-wide furloughs, including at its Winston-Salem Journal property.

See this excerpt:

According to a March 2008 federal regulatory filing, Marshall N. Morton, Media General’s president and chief executive officer, received executive compensation valued at more than $2 million in 2007. Morton received a base salary of $925,000. A large portion of Morton’s compensation came from the value of stock and option awards. The awards, granted Jan. 31, 2007, had a total value that day of $783,826, according to the filing.

Morton’s change in pension value and nonqualified deferred compensation was valued at $808,933, the filing said.

Morton’s remaining compensation of $276,377 included the use of a personal car, certain club memberships, home-security devices and values of tickets and refreshments to company-leased stadium boxes.

In January, Media General reported a net loss in the fourth quarter of $85.5 million, or $3.86 per share, compared to net income of $9.6 million, or 43 cents per share for the same time period a year ago.

Shares of Media General stock closed Wednesday on The New York Stock Exchange at $1.90 per share. As recently as September, the stock was trading at $27 per share.
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I don't think the word disgusting even comes close.

E.C. :)