Belo, announced Wednesday that Robert Decherd will retire as its chairman, president and CEO on Sept. 11 and be succeeded by Jim Moroney, the Dallas Morning News’ longtime publisher and CEO.
Just because Decherd is retiring, don't expect to become a Wal-Mart Greeter or have to shop of the dollar menu at McDonald's.
He will be paid $300,000 a year in 2014, 2015 and 2016 to serve as vice chairman of A.H. Belo’s board of directors, the company disclosed.
Although Decherd will stop being CEO in September, he’ll still get his full $600,000 annual salary for 2013 and will be eligible for a full year’s bonus. Decherd earned $1.9 million in 2012.
“For the remainder of 2013, you will concentrate your energies on a smooth transition between yourself and Jim, and you will be compensated through December 31 at your current level,” John Puerner, A.H. Belo’s lead director, told Decherd in a letter dated Wednesday.
A.H. Belo will also pay for Decherd to have “an office of reasonable size in a Class A office building of your choice, including parking,” along with “a full-time executive assistant during this period who will be an employee of the company and qualify for benefits available to all other employees, as well as parking at your new office,” Puerner said in the letter.
Both Decherd and his assistant “will be connected to A. H. Belo’s network and receive full IT support until your retirement,” Puerner added.