Exec pay down at TheStreet.com, but not for Cramer
Total compensation for the top executives at financial news web site TheStreet.com fell slightly in 2005 as the CEO and others received smaller bonuses than they did in 2004, according to a proxy statement filed with the Securities and Exchange Commission.
However, co-founder Jim Cramer, whose CNBC show Mad Money is seen every night, saw his salary increase dramatically, according to the proxy. Cramerâ€™s salary was increased from $400,000 to $500,000 annually for 2005, $750,000 for fiscal 2006 and will be increased to $1 million for fiscal 2007. In addition, he will continue to be paid the radio talent fee — currently $450,000 per year — paid to TheStreet.com by CBS Radio Inc. under the companyâ€™s January 2006 radio agreement.
CEO Thomas J. Clarke Jr.’s base salary remained at $356,000 in 2005, but his bonus fell to $124,600 from $338,200. However, in January 2006, Clarke was granted 45,000 restricted stock units pursuant to his newly executed 2006 employment agreement with the company.
President James Lonergan’s salary rose to $275,000 from $265,000 in 2004, but his bonus dropped to $96,250 from $251,750.
Chief Financial Officer Lisa Mogensen, who left the company in March, received a salary of $245,000, up from her 2004 salary of $230,000. Her bonus, however, also fell, to $85,750 from $218,500.
The proxy, which can be read here, also noted that Clarke’s new base salary has been bumped up to $410,000, and he is eligible to receive a bonus of up to 75 percent of his salary.