The Star Tribune will pay new publisher and CEO Michael Klingensmith $400,000 per year in cash, plus incentive compensation and options, the company disclosed in a bankruptcy filing Friday.
Klingensmith, a native of Fridley, assumed his post Jan. 11. He spent 32 years at Time Inc., including stints as president of Sports Illustrated and SI.com, co-founder of Entertainment Weekly, general manager of Time magazine and executive vice president of Time Inc.
An earlier bankruptcy filing disclosed that members of the Star Tribune's board of directors will get $40,000 per year plus options. The newspaper emerged from bankruptcy in September.
Klingensmith succeeds Chris Harte, who served as publisher during the Star Tribune's 2009 bankruptcy proceedings. Harte did not receive a salary during the bankruptcy. Harte's family trust had a 4 percent stake in the newspaper that was erased in the bankruptcy.
PATRICK KENNEDY
