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New Star Tribune board members: $40K a year plus stock options

Expect a flurry of posts in the next few days about the Star Tribune’s post-bankruptcy finances; the reorganization plan is expected to be approved Thursday, and we could learn the name of the publisher/CEO this week.

Last Friday, the Strib filed documents detailing the compensation for its four new board members. Local guys Michael Sweeney and Bill Farley, as well as Journalism Online co-founder L. Gordon Crovitz and Gatehouse Media CEO Michael Reed will make each $40,000 a year plus “options struck at plan value.”

Future Strib board chair Michael Sweeney
Future Strib board chair Michael Sweeney

In other words, the Strib will shell out $160,000 for governance of a $200 million-a-year (for now) company. While that would pay for five rookie reporters, it seems in line with what other corporate directors make, at least according to one recent compensation survey.

The still-to-be-named CEO will also serve on the board, the filing states.

I’ve left messages for Sweeney (the proposed board chair) and Farley, which have not been returned. However, the filing lists the lengthy corporate affiliations of the guys who will help steer the state’s biggest news source.

Sweeney’s interests include the solar and trucking industries, hardware and dress shoes, labs and car washes, and regional theater and one of the nation’s largest hardware franchisees.

Farley, as previously noted, is pals with outgoing publisher Chris Harte and helps govern the Harte family’s direct-mail business, as well as Minnesota’s health-insurance industry and performance-measurement solutions.

Crovitz and Reed have many media interests; Crovitz also is a member on that target of conspiracy theorists, the Council on Foreign Relations.

Get to know your overlords:

Michael T. Sweeney
Goldner Hawn Johnson & Morrison, Inc., Managing Partner
First Solar, Inc., Board of Directors, Chairman of Compensation Committee and Member of Nominating & Governance Committee
Lancaster Laboratories, Inc., Board of Directors
Mark VII Equipment, Inc., Board of Directors
The Guthrie Theater, Board of Directors
Allen-Edmonds Shoe Corporation, Board of Directors
Transport Corporation of America, Inc., Board of Directors
Westlake Hardware, Inc., Board of Directors

William F. Farley
Livingston Capital, Principal
Harte-Hanks, Inc., Board of Directors, Member of Audit Committee
Blue Cross Blue Shield of Minnesota, Board of Directors, HR Committee
TSI, Inc., Board of Directors

L. Gordon Crovitz
ProQuest, Board of Directors
Blurb, Board of Directors
SocialMedian, Board of Advisors
UpCompany, Board of Advisors
SkyGrid, Board of Advisors
Halogen Guides, Board of Advisors
ExpertCEO, Board of Advisors
Clickability, Board of Advisors
Journalism Online LLC, Co-Founder
American Association of Rhodes Scholars Board and Scholar Selection Committee
Council on Foreign Relations, Member

Michael E. Reed
GateHouse Media Inc., Chief Executive Officer
The Associated Press, Board of Directors, Chairman of the Audit Committee
Newspaper Association of America, Board of Directors, Secretary

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