Less than a month after closing two of its Suburban Journals in St. Louis and putting 20 people out of work, Lee Enterprises handed out stock bonuses to eight of its directors. According to SEC filings, the company gave 10,000 shares of Lee stock (current value: $1.66/share) to: Andrew E. Newman, Mark Vittert, Herbert W. Moloney III, William E. Mayer, Brent Magid, Nancy S. Donovan, Richard R. Cole, and Leonard J. Elmore.
Regular readers know that this is pretty much The Lee Way — giving bonuses to top execs just before or after pink-slipping journalists.
I’ve asked Lee spokesman Dan Hayes to explain the bonuses.
* Meet the Lee Enterprises board | Lee’s SEC filings (lee.net)
* Post-Dispatch columnist: Don’t announce layoffs just after pocketing a bonus (jimromenesko.com)
* Reclusive Lee director Mark Vittert was once on “What’s My Line?” (gatewayjr.org)