Paul Godfrey's $1.7M Job Is 'Hard And Full Of Heartache'
The Postmedia chairman is likely the most vilified man in Canadian journalism these days, but if being the hatchet man is what's needed, Paul's willing to wield it if it means keeping the dream alive.
By External Source
You’ve taken flak for cutting thousands of jobs across the Postmedia newspaper empire, including some 800 full-time positions in 2016 alone, while taking home an annual salary of roughly $1.7 million. Is that criticism fair?
No. The board knew my track record and asking price. Plus, there are not many people in Canada who can run a newspaper chain. Look around. The Star can’t find a publisher or president. The job is hard and full of heartache.
Last fall, as many of your employees were being denied cost-of-living wage increases, you accepted a $900,000 retention bonus. How did you explain that series of events to them?
No one asked. If they had, I’d have told them that we did a global search for investors and only one company, Chatham Asset Management, stepped forward. They handed over $100 million but first wanted assurances that key employees, me included, would stay. Did I feel awkward about the bonus? Yes. But how would staff feel if we shut down and there were no severance deals at all?
The optics were not ideal.
I agree. The optics weren’t pretty. When I walk past my staff now, they probably whisper, “There’s that evil guy.” But they don’t understand the full picture.
– to continue reading the Q&A with Postmedia Chair Paul Godfrey link to Toronto Life here