Visit - Share Investor Blog
March 24, 2008: 06:11 PM EST
NEW YORK (Associated Press) - Just as he has for the last 17 years, Washington Post Co. Chairman and Chief Executive Donald Graham received a $400,000 salary and no annual bonus, according to a filing Monday with the Securities and Exchange Commission.
Graham's total compensation, including $11,700 in company contributions to his 401(k) plan, was $411,700. In 2006, he received compensation valued at $811,836, which included the $400,000 salary and $400,000 in incentive-based compensation.
"At his request, Mr. Graham has not received a raise in his annual salary in 17 years, nor has he received an annual bonus," the company said in its proxy statement. He also stopped accepting grants of restricted stock in 2004. His compensation is far below that of industry peers.
Graham, whose family has long held a controlling stake of voting shares in Washington Post stock, has been CEO at the Washington-based company since 1991.
Graham earned his compensation during a year in which the value of Post stock rose 6.1 percent, from $745.60 to $791.43.
While many newspaper stocks have been battered as revenue and circulation have eroded the last few years, Washington Post stock has been partially insulated from the trend because nearly half of the company's revenue comes from businesses wholly unrelated to media. The company's single largest business unit is its education division, which includes the Kaplan test-prep and Score brand tutoring services.
Among those on the company's board of directors is billionaire investor Warren Buffett, who has long been outspoken in his criticism of excessive executive pay.The AP's total pay calculations include executives' salary, bonuses, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.