TIME INC.’S PAY: Time Inc. revealed total compensation of its top executives in a Securities and Exchange Commission filing Tuesday. Chairman and chief executive officer Joe Ripp saw his total compensation shrink 35.5 percent to $5.8 million, due mainly to a 68.1 percent reduction in stock and options awards, which totaled $2.4 million. Ripp’s base salary grew 230 percent, to $1 million, and his bonus expanded 22.2 percent to $1.1 million.
This story first appeared in the April 22, 2015 issue of WWD. Subscribe Today.
Ripp’s salary and the salaries of executives Norman Pearlstine and Jeffrey Bairstow appear to be inflated since they joined the company in fall 2013. Case in point: executive vice president and chief content officer Pearlstine earned a salary of $903,458, up from $128,077, but his bonus amounted to $270,000, down from the $1.4 million “make whole bonus” that he received when he joined Time Inc. in 2013. His total compensation was still up 64.3 percent in 2014 to $2.5 million.
Executive vice president and chief financial officer Bairstow netted a 37.7 percent rise in total compensation, to $3.4 million, on a salary of $825,000 and a bonus of $590,000.
Executive vice presidents Evelyn Webster and Todd Larsen both saw gains in their total compensation. Webster, who at the time split oversight of Time Inc. properties with Larsen, saw a 64 percent bump to $2.8 million. Larsen, who was let go in December, recorded a 68.5 percent jump to $2.5 million. Webster’s salary rose 6.4 percent to $790,250, but her bonus fell 18.3 percent to $175,455. Larsen’s salary grew 6.2 percent to $796,731, but his bonus declined 13 percent to $176,137.
Since Larsen’s dismissal, Webster has gained oversight of 26 of the 28 domestic titles published by Time Inc., which includes InStyle, People, Sports Illustrated and Fortune.