Unions demand Postmedia executives reject $2.3 million in bonuses
TORONTO — Unions representing Canadian journalists want five Postmedia executives to reject bonuses totalling $2.275 million as the struggling newspaper chain continues reducing staff.
The company awarded Postmedia president and CEO Paul Godfrey $900,000, CFO Doug Lamb $450,000, COO Andrew MacLeod $425,000, legal and general counsel Jeffrey Haar $300,000, and National Post president Gordon Fisher $200,000, according to financial documents filed Wednesday.
The money will be paid out over three instalments with the first cash payment already distributed on July 15. The next two payments will be made Dec. 2 of this year and July 14, 2017.
The bonuses were part of a retention plan to keep key employees with the company during and after its recently completed debt restructuring, which reduced its total debt of $648 million by about $307 million.