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Putting Off Loan Due Date Nets Bonuses For Lee Newspaper Execs

Tue, 08 Apr 2014 13:28:36 CDT
By: Charlie Schlenker

Top executives at the parent company of the Pantagraph Newspaper in Bloomington are being rewarded for renegotiating company debt. Government filings indicate Lee Enterprises CEO Mary Junck has received additional incentive based compensation of $700,000. That will go on top of her salary and other performance incentives, which last year totaled 1.5 million dollars. The company's compensation committee has approved an additional $400,000 for Lee's Chief Financial Officer Carl Schmidt. The total package for Schmidt last year topped $728,000. Lee Enterprises recently successfully delayed due dates on 800 million dollars in loans, in part, until the year 2022. Mary Junck's additional pay for meeting company goals is more than she received in bonuses for 2012. The company has reduced its workforce by more than a quarter over the last several years and continues to aggressively cut costs.

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