Mirror hacks are spitting feathers this afternoon as 75 job losses are announced. Given how heavy they have been going on the banker bonus bashing, their own remuneration scheme is coming under attack:
“The total directors’ pay and pensions bill for Trinity Mirror last year was £3.9 million – £1.3 million of which was cash bonuses. Of that, Sly Bailey’s package of pay and pensions was a staggering £1.7m, including a cash bonus of £660,000. However, the share price for Trinity Mirror today is 48p whereas 12 months ago it was 90p.”
The NUJ estimates that more than fifty of those editorial jobs on the line could be paid for with this money.
And the hacks know it.
UPDATE: More news coming out of Canary Wharf. Guido understands that Trinity CEO is currently in Barbados. She left it to Mark Hollinshead to break the redundancy news to staff. When he asked if there were any questions, the entire staff walked out in silence…