Time Inc. subsidized CEO’s flying hobby while stock plunged

Time Inc. Chief Executive Joe Ripp, after a 2015 that saw his company’s stock tumble 37 percent, had his bonus last year slashed 55.5 percent — although he made most of it ba🤡ck in additional stock and option awards, a regulatory filing on Friday revealed.

Ripp’s total compensation fell 1 percent, to $5.7 million, fr𝔍om the previous year — the result of an 8.4 percent rise in his salary, to $1.1 million, and a $774,000 boost in stock and option awards.

The 64-year-old ♒CEO, a licensed pilot, also pocketed $125,187 related to the use of his private plane for non-business trips. The board, for safety reasons, requires Ripp to hire a co-pilot when he sits behind the stick.

Roughly $65,000 of that amount reimbursed Ripp for the pilot’s salary — while the remainder went to cover costs of operating the plane w✅hen it deadheade🏅d back to its home base and then returned to pick up the executive, the filing noted.

Among other top executives:

• Jeff Baristow, the chief financial officer, saw his total compensation fall by 2.8 percent, to $3.3 million.
• Chief Content Officer Norman Pearlstine was the only member of the top brass to get an increase in his total compensation — it rose 8.9 percent to $2.3 million.
• Evelyn Webster, an EVP who oversees most of the company’s titles, except for People and Sports Illustrated, saw her total compensation drop 10.6 percent, to $2.5 million.
• Mark Ford who was promoted into the upper tier as an EVP for global advertising, in 2015, pulled in a salary of $822,115 and a total compensation package of $2 million.

The company said it missed its 2015 target operatingꦦ cash flow of $455 million by 9.7 percent, tallying only $411 million. Its adjusted cash flow was $169 million, below its original target of $꧃208 million.