NEW YORK — Washington Post Co. Chief Executive Donald Graham racked up his 18th year without a salary raise in 2008. But he earned a bonus last year, nearly doubling the value of his total compensation package, according to an Associated Press calculation of figures disclosed Wednesday in a regulatory filing.
Since he became CEO in 1991, Graham has earned the same base salary of $400,000. But he earned another $400,000 for 2008 in performance-related pay, roughly doubling the value of his total compensation to $811,960, which includes $11,960 in 401(k) retirement contributions.
Still, that's about the same as he earned in 2006. Graham refused any performance-based bonus in 2007, just as he has declined increases in his base pay.
The Associated Press calculations of total pay include executives' salary, bonus, 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 sometimes differ from the totals released by the companies.
Like almost all U.S. publishers, the Post company faced a punishing 2008 as it grappled with plunging advertising revenue amid a deep recession. But it has fared better than many competitors by offsetting declining ad revenue with more profitable businesses, including cable television and the Kaplan educational services.
The company's net income last year shrunk to $65.7 million from $289 million, including write-downs for the value of its newspapers and restructuring costs. But full-year revenue climbed 7 percent to $4.46 billion. For the fourth quarter, Kaplan posted a 54 percent surge in operating profit year-over-year. The company's cable TV operating profit grew 37 percent.