Time Inc. Subsidised 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 back in additional stock and option awards, a regulatory filing on Friday revealed. Ripp’s total compensation fell 1 percent, to $5.7 million, from 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 when it deadheaded back to its home base and then returned to pick up the executive, the filing noted.