Business blog questions final payment to Griffin; Meredith calls report inaccurate
The New York Post last week quoted a business blog, Footnoted, which suggested that Meredith Corp. paid Jack Griffin more than it had to when he left his job as president of the company’s national media group in August.
Meredith spokesman Art Slusark said the Footnoted report was inaccurate, and that the company paid Griffin what it owed to him according to his employment agreement.
According to the Post, “The publisher paid departed president Jack Griffin $1.4 million after he jumped to become rival Time Inc.’s new CEO, according to the company’s annual filing. That figure includes several months of salary and a year-end bonus of $1.26 million.
“But a report is raising questions about whether Meredith really owed Griffin the full amount. Business blog Footnoted examined Griffin’s contract and said it appears that Griffin wasn’t entitled to most of that amount.
“In particular, Griffin’s contract states that the company isn’t obligated to pay him the bonus if he left voluntarily before … June 30, 2011. Of course, it would be different if he were terminated.”