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NYT > SEC Filings for NYT > Form 8-K on 6-Nov-2012All Recent SEC Filings

Show all filings for NEW YORK TIMES CO



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The New York Times Company (the "Company") announced that Scott Heekin-Canedy, President and General Manager of The New York Times, will retire from the Company effective December 30, 2012, in connection with the elimination of that position. On November 2, 2012, the Company and Mr. Heekin-Canedy agreed to enter into a Separation Agreement and General Release (the "Separation Agreement").

The Separation Agreement memorializes the terms of payments and other benefits to be provided to Mr. Heekin-Canedy pursuant to existing arrangements and as agreed by the Company in connection with his departure, including, among other things: (1) a severance payment consisting of 52 weeks of his base salary, or approximately $587,000; (2) continued group health plan coverage for up to a 52-week period; and (3) continued financial planning counseling, as arranged by the Company for executives, for two years.

Mr. Heekin-Canedy will also receive other compensation and benefits to which he is entitled following his departure pursuant to the terms of the Company's benefit plans and programs, subject to certain adjustments.

The Separation Agreement also provides for Mr. Heekin-Canedy's release of the Company from all claims.

The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Separation Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number        Description
Exhibit 10.1          Form of Separation Agreement and General Release, between the
                      Company and Scott Heekin-Canedy

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