Mary Junck, Stackin' Up that Paper

Categories: Post-Dispatches
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Mary Junck: Mo' money, mo' money, mo' money.
Lee Enterprises disclosed yesterday that CEO Mary Junck acquired 500,000 shares of company stock. That stock was worth $1.31 per share at the close of business on the date the paperwork was filed, but Junck paid nothing for it.

Junck received the stock as a "Grant by the Issuer's independent Executive Compensation Committee (ECC) of non-incentive restricted shares of common stock pursuant to Issuer's 1990 Long Term Incentive Plan," according to the footnote on the company's paperwork.

This marks the second time this year that Junck has received a bonus from the company. She was gifted $500,000 in March for leading the company into and out of bankruptcy. Yesterday's bonus totals out to a cash value of $655,000, which is a pretty good take for a Wednesday.

But according to the NYSE, that stock is currently worth $1.30, which means Junck just lost $5,000. Is she ever gonna catch a break?

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It boggles the mind that Lee Enterprises Board of Directors continue to reward Mary Junk for her failing and miserable leadership of Lee.  The company is basically broke and its stock is almost worthless.  Yet the board continues thowing big bux her way.  Looking at Lee's board members, I was struck that one local man is a board member, Andrew E. Newman, Chairman of Hackett Security. He is also a Trustee of Washington University.  How on earth can one of the most prestigious universities in the United States retain him as a Trustee when he is partially culpable for Lee's gross mismanagement and ultimate failure? This appears to be crony capitalism run amok. As I have said numerous times, the stockholders of Lee should vote to replace Lee's entire management team and board of directors. Throw the bums out.

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