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We pointed out earlier today that it must suck a little bit to work at the Times today, unless you're Sulzberger or Robinson or Nisenholtz or one of the few other bigshots who got tens or hundreds of thousands of dollars in free stock.

But now we know it must also suck to work at The Wall Street Journal today, where yesterday Dow Jones, the corporate parent, announced that the unloved husband-and-wife team of CEO Peter Kann and publisher Karen Elliott House would be imminently leaving the company. It briefly seemed like good times for reporters there, who two years ago went through a bitter contract renegotiation that ultimately resulted in a pact promising raises of 2.5 percent, 3.25 percent, and 3.5 percent over its three years. But then this appeared today on Romenesko:

Dow Jones waited until today to file this 8-K that provided some details (though not the actual separation agreement) with House, whose tenure at the Journal has been somewhat controversial. Under the agreement, House will continue to work for a couple of transition months . After the transition period, she ll continue to collect her regular salary for two additional years, plus collect a bonus equal to two times her target bonus, whatever that works out to. In 2004, House made $513K in salary and received a bonus of $180K, which the proxy notes was slightly above target levels . Stock options that she holds will continue to vest and she ll also collect additional money under the company s long-term incentive plan.

So that means House is taking home about $700K a year for the next two years —plus stock, but whatever her husband will get — not to work.

God, that sucks.

(Also: We really, really need to get into management.)

Burying the Lede [Footnoted.org]
Earlier: Good Times and Bum Times