The next time Polly Toynbee or Jackie Ashley write a column in The Guardian complaining about fat-cat pay packages we should remind them of a fat-cat a little closer to home. Their editor Alan Rusbridger has just been rewarded with a £175,000 bonus to top up his meagre basic salary of £312,000 plus £17,000 benefits. Nothing wrong with that. Successful executives deserve to be highly paid. But that's the trouble. If you judge a chief executive by their results you'd have to say that Rusbridger's record was mixed to say the least. Last year the Guardian lost £49.9 million on a turnover of £237 million. Even if you take out the redesign costs there's still a loss of £19 million to account for. Rusbridger chose to put the £175,00o into his pension , which received a further £134,000 from his employer.
The performance of The Guardian compares very badly with the performance of the rest of the Guardian Media Group, which are in healthy profit mainly due to the performance of magazine offshoots like Autotrader (to which my partner has a weekly subscription. Very sad).