Former McClatchy President and Chief Executive Pat Talamantes will receive cash payouts totaling $1.71 million following his departure from the media company that owns The Sacramento Bee.
In a filing Friday with the Securities and Exchange Commission, Sacramento-based McClatchy said the bulk of the payout will be a $1.35 million basic severance payment, “which is the equivalent of 1.5 times base salary at the rate in effect at the time of separation.” He also will receive $135,000 in incentive pay for 2016 and $225,000 under a “long-term performance-based cash program” that was put into effect in 2014, the company said.
In addition, the company said Talamantes will get 42,900 restricted shares of stock, “which represent certain outstanding awards previously granted.”
Talamantes resigned from McClatchy on Jan. 25 following a difficult four-year run in which the company’s profits and revenue continued to decline, a trend that was underway before he took over. He was replaced by Craig Forman, a former Wall Street Journal reporter and Dow Jones executive who has been a McClatchy board member since 2013. Forman has considerable experience in digital media, a field that McClatchy and other traditional news companies have struggled to master over the past decade.
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McClatchy owns 30 daily newspapers, including The Sacramento Bee.