Mary Junck, CEO of Lee Enterprises, Gets a $500k Bonus

by

comment
Mary Junck, 500 grand richer after taking Lee Enterprises into bankruptcy.
  • Mary Junck, 500 grand richer after taking Lee Enterprises into bankruptcy.
Lee Enterprises, parent company of the Post-Dispatch, gifted $500,000 to its CEO Mary for refinancing almost a billion dollars of the company's debt and successfully guiding the company into and out of bankruptcy court. Meanwhile, down in the trenches of the newspaper business, the P-D's total staff has been slashed almost in half through buy-outs, layoffs and attrition during Lee's ownership. 

Only in the business world that you can "earn" a half-million dollar bonus for going broke.

Carl Schmidt, Lee's vice president, treasurer and CFO, was granted a $250,000 bonus for his work during that same period. I can't imagine any private citizen making his or her way out of bankruptcy and having someone give 'em a cash bonus for pulling it off -- if that's happened to any of you, please correct me in the comments -- but then I'm carrying two dollars and change today, so the practices of corporate high-finance elude me.

Of course, if I spend that cash today I'll be broke until payday, but perhaps a kindly CEO will give me a couple bucks to tide me over.

Tags

Support Local Journalism.
Join the Riverfront Times Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.

Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.

Join the Riverfront Times Club for as little as $5 a month.