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Thursday, December 23, 2004

Jack Fuller will earn $618k as Tribune consultant

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If you thought energy and financial executives were getting huge payoffs just for holding an acronym title, you haven’t seen Tribune president’s Jack Fuller “severance” package. Fuller, who retires from the newspaper company and leaves the board of directors at the end of the year, will stay on as a “consultant” through 2005. No big deal, that’s not unheard of, lots of former execs keep ties to their past employers. But his consultancy fees may anger more than a handful of stockholders, as he accepts monthly checks of $51,500 (or $618,000/year), along with “computer access and office space during the term.” No worries about paying his costly healthy benefits, as he’ll be forced to take care of those on his own with independent contractor status. At least the contract prohibits the Washington Post from asking him for advice on turning Slate into something worth its words in stock options.