KA-CHING!: She left for vacation in Hawaii and told Wenner she wasn’t coming back. They screamed. They moaned. The industry wondered why she couldn’t just stay put. Things had been going swell.
But if you were offered Bonnie Fuller’s contract with American Media, you too might have jumped in bed with moustachioed mogul David Pecker. See for yourself; it’s in the 10-Q at the SEC. From the contract: “During executive’s employment with the company, the company shall pay executive a base salary at the annual rate of $1,500,000.00, payable in regular installments in accordance with the company’s usual payment practices but no less regularly than bi-weekly.”
And there’s more. Much, much more: $1.5 million in equity units; a circulation target bonus of up to $900,000 a year ($17,037 for each good week, or even more if circulation goes above a certain level), daily car service (Big Apple, no less, the car company of Condé Nast); first-class travel; a laptop, desktop, printer, fax and DSL connection in her home, and (drumroll please) up to $18,000 a year for her gym membership. Personal trainers, after all, are expensive.
So to all you associate editors out there, crying over the paltry raise you didn’t even get this year, remember this. It’s not really the economy. It’s just that you’re not worth it.