Chief execs cut down to size

In newsrooms up and down the country the chill wind of recession is still blowing.
There will be no bail out for the Bob Cracketts of the editorial floor.
Tied to their desks, haunted by the ghosts of expense claims past and the memories of those unlucky companions who foundered on the rocks of austerity, these helpless hacks are shackled in silence by the threat that they will be the next on the chopping block.
But lo, at last someone has spoken out against the axe wielding Scrooges who run the slaughter-house.
The Independent’s Stephen Glover rallies against the executives of the newspaper world comparing them to those who have inherited of Ebenezer’s crown, the fat cat bankers.
In his column today Mr Glover targets out two of the industry’s worst offenders.
His ire is bent on David Montgomery, chief executive of European media group Mecom and Trinity Mirror’s Sly Bailey.
Montgomery was paid £874,000 in 2009, an increase of 51 per cent on his salary despite the company suffering a 28 per cent fall in profits and laying off some 850 staff.
All of which lead Glover to opine: ‘Mr Montgomery is an expert at cutting costs.
‘It is his chief – some would say his only – attribute as a newspaper executive…
‘But is cost cutting enough to pay somebody more money when profits fall?’
Well said sir.


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