Big increases in Dow Jones compensation packages
by Chris Roush
The top executives at Dow Jones & Co., the parent of The Wall Street Journal, Barron’s and Marketwatch, had a good year financially in terms of executive compensation, according to the company’s proxy statement, filed Friday with the Securities and Exchange Commission.
CEO Richard Zannino receved total compensation of $4.16 million, up from the $2 million he was paid in 2005. Zannino was named the CEO at the beginning of 2006. The compensation package included $173,000 in travel expenses to and from work. His base salary rose from $760,000 to $900,000.
Zannino also received more than $1.6 million in stock awards in 2006.
Journal publisher Gordon Crovitz received a pay package of $1.9 million, and his base salary rose to $600,000 from $505,000, according to the proxy.
Journal managing editor Paul Steiger received a base salary of $547,692, up slightly from his salary of $528,327 in 2005. Steiger’s total compensation, including stock options and option awards, was $1.38 million, up from just more than $1 million in 2005.
Steiger,Â who received $313,000 inÂ stock awards in 2006,Â is expected to step down as ME of the paper later this year. A replacement could be named as soon as next month.
Read about the 2005 compensation here.