Beginning next week and running until June 5, all full-time staffers at the Tampa Bay Times will temporarily have their pay cut by 10 percent.
The five executives — Chairman and CEO Paul Tash, Executive Vice President and General Manager Joe DeLuca, Executive Vice President and Chief Digital Officer Conan Gallaty, Vice President of Advertising and Marketing Bruce Faulmann and Executive Editor Mark Katches — all will take a 15 percent pay cut in that time period.
A note signed by the executive team and distributed to staff said: "This step is regrettable but necessary because revenues are falling short, a little in circulation and more seriously in advertising. While we anticipated declines in print advertising, they are deeper than we expected, primarily in display advertising for some large accounts. Our sales teams are working diligently to preserve that business while finding new customers. But the growth of new accounts has not made up for the losses.”
