Add a leadership gap to the New York Times' woes. Janet Robinson's departure has left the paper without a CEO, as it continues to struggle with revenue declines and pressure from family members to improve the company's stock value.
Bloomberg reports that Robinson was reportedly pushed out of her role by publisher Arthur Sulzberger Jr. and his cousin Michael Golden, according to a source familiar with the situation. News of Robinson's departure was first reported in December. The paper had seen declines in advertising and circulation, as did the rest of the newspaper industry, during her tenure.
The company is looking for a non-family member to fill the CEO role, according to two people familiar with the matter. That report contradicts speculation that Golden, who is currently the chief operating officer, would fill Robinson's spot. Golden recently lost a part of his responsibilities with the sale of the Times' regional newspaper group.
The two sources also said that Robinson's severage package, which includes a $4.5 million consulting fee, would total $21 million -- higher than the $15 million estimate put forth by previous reports. The news is sure to rankle union employees at the Times. The Newspaper Guild and a union representing workers who prepare the paper for delivery both blasted the hefty consulting fee in December.
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