Boardroom pay at Johnston Press dropped last year as its profits fell
Total boardroom pay at regional newspaper group, Johnston Press, fell last year as the publisher underwent a change of leadership.
Former chief executive John Fry, who stepped down in October, took home a basic salary of £438,000 for 2011. Including bonuses, his total package came to £833,000 - down from £1.17 million a year earlier.
The size of his pay-off is not revealed but is expected to feature in next year’s report.
Ashley Highfield, who replaced him on 1 November, received £115,000 in pay and benefits for his two months’ work including £67,000 basic salary, £26,000 bonus and £20,000 pension contribution.
Press Gazette explains his basic salary for 2012 will be £400,000 - which is said to be the fifth year in a row that salaries for executive directors have remained unchanged.
If Highfield hits all his targets he will be entitled to a 120% bonus in 2012 which would bring his pay and bonus to £880,000- not including pension contributions and other benefits.
Chief operating officer Danny Cammiade was the second best paid Johnston Press employee in 2011, earning £802,000 in pay, bonus, shares and other benefits. His basic salary was £324,000 and will remain at that level next year.
Chief financial officer Grant Murray, who joined in May 2011, received £304,000. His predecessor Stuart Paterson resigned in March and was paid a total of £110,000.
Chairman Ian Russell’s fees were unchanged at £130,000. In total, Johnston Press paid out £2.5m to its executive and non-executive directors, down from £2.8m in 2010.
The group, which owns The Scotsman, Scotland on Sunday, the Edinburgh Evening News and about 250 other titles, reported a 6.9% fall in underlying pre-tax profits to £28.4m for 2011.