The Washington Post Co. (NYSE: WPO) chief executive officer Donald Graham’s pay dropped by 49 percent last year, according to Associated Press.
The drop in salary comes as the newspaper publisher cut its staff and trimmed other costs amid a severe advertising slump.
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Donald Graham's compensation package totaled $412,740 last year, down from $811,960 in 2008, according to a filing Wednesday with the Securities and Exchange Commission.
The drop reflected Graham's refusal to accept a bonus in 2009. He received an incentive award of $400,000 in 2008.
The Post's board of directors believes Graham is underpaid, according to Wednesday's filing, but Graham wanted his salary to remain at $400,000, which is the same as in 2008. The rest of Graham's 2009 pay consisted of a $12,740 contribution to this 401(k) retirement plan.
Unlike most CEOs, Graham doesn't get annual grants of stock options or other similar incentives because he is the company's largest individual shareholder.
Graham, 64, has been CEO since 1991 and previously served as publisher of The Washington Post newspaper.
Newspaper revenue at the Post Co. dropped 15 percent in 2009 as the company, like other newspapers, has suffered an advertising slump.
Growth in those divisions and newspaper cost-cutting helped boost the Post Co.'s 2009 profit by 42 percent. Its total revenue rose 2 percent while its stock price gained 13 percent during the year.
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