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.
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.