Rusbridger takes £116k cut in financial package as Guardian curbs losses

Guardian News and Media editor-in-chief Alan Rusbridger took a £116,000 cut in his total financial package last year amid moves to curb the publisher’s losses.

Figures released today revealed that GMG’s national newspapers division Guardian News and Media has reduced its losses in the year to the end of March 2013 to £30.9m from £44.2m in the previous year.

In February GMG concluded negotiations aimed at cutting 100 editorial staff as part of plans to take £7m a year out of the editorial budget. This included 58 staff (equivalent to 50 full-time positions) taking voluntary redundancy.

Long-serving Guardian editor Rusbridger, who also sits on the GMG board, received a financial package of £491,000 for the year to the end of March 2013, compared with £607,000 in 2011/12. He volunteered a 10 per cent pay cut in April 2012 which took his salary to £395,000 and, according to the annual report, he also asked for contributions to his pension scheme to be halved to £75,000.

The total package for GMG chief executive Andrew Miller increased to £769,000 from £739,000 in the previous year. This was largely due to the fact that he was paid a £101,000 bonus.

According to the annual report Miller chose to waive half of the £202,000 bonus he could have received last year. The report states than in previous years he has waived bonuses totalling £284,000.

Former managing director of GMG Radio Stuart Taylor received a £710,000 “transaction bonus” and a further £509,000 for loss of office following the sale of the business in June for a reported sum of £70m.

No comments to display

Leave a Reply

Your email address will not be published. Required fields are marked *