Real-time blogging going on right here. I’m in a conference call with my bosses at Creative Loafing Inc. (CL), which owns us, Washington City Paper, as well as five other alt-weeklies. One purpose of the conference call, according to our corporate No. 2 Kirk MacDonald, is to address our “cost structure.”
Actually, that’s my cost structure. Starting in April, CL will be cutting executive compensation by five to 15 percent. MacDonald said that he and our CEO, Ben Eason, will take the highest percentage cut—15 percent—and others will get more moderate slices. Those others include publishers, sales execs, and top editors at the publications as well as some other corporate types.
I’ll learn more about my pay cut after this conference call. When MacDonald first said that we’d be addressing costs, I shuddered to think we’d have to make another round of layoffs. This approach makes way more sense, despite the stress that it places on the company’s most wealthy employees. No depressing discussions with the staff today!