02/07/2014 04:58 pm ET Updated Feb 07, 2014

Time Inc. Chief Lands $1.4 Million Bonus As Company Layoffs Begin: WaPo

Bloomberg via Getty Images

While Time Inc. has begun massive layoffs as it prepares to spin off from Time Warner, there is one person who might not be so worried.

Chief content officer Norman Pearlstine reportedly is guaranteed by contract to no less than $900,000 per year and a "sign-on bonus" of $1.4 million, the Washington Post's Erik Wemple said Friday. Pearlstine's SEC agreement also includes a possible “long term incentive compensation” of up to $500,000 each year.

Meanwhile, Time Inc. began a huge round of job cuts Tuesday, with an estimated 500 people of Time’s 7,800 workers to lose their jobs ahead of company restructuring. Time Inc. CEO called the changes "painful" in a memo to Time staffers.

Pearlstine returned to Time Inc. in 2013 after five years at Bloomberg LP. He had been Time's editor-in-chief from 1994 to 2005 and was rehired as chief content officer in October, a role newly created for him following former editor-in-chief Martha Nelson's departure.

A spokesperson from Time Inc. responded to Erik Wemple with the following statement:

“Mr. Pearlstine is appropriately compensated for his role in the company,"

(h/t: Washington Post)



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