New Journal Register Co. CEO Hall getting $675,000 salary, perks

Newspaper publisher Journal Register Co. said its new chairman and chief executive will receive an annual salary of $675,000 plus cash bonuses, stock options and perks, according to a regulatory filing Tuesday.

James W. Hall, 60, has a one-year employment agreement renewable annually with the Yardley-based publisher, according to a filing with the Securities and Exchange Commission.

Hall was appointed on Nov. 1 to replace Robert Jelenic, who resigned after taking a medical leave to be treated for cancer. Hall had been acting CEO since June and has been a director since 2003.

Journal Register, owner of 22 daily newspapers including the New Haven Register in Connecticut and 346 non-daily publications, had sold newspapers and cut jobs during the industry's advertising downturn. It said in October it would end its cash dividend.

Hall will get yet-to-be-determined cash bonuses this year and a performance-based bonus as high as $1.35 million in 2008. He also was granted 250,000 stock options and will receive another 250,000 next year.

Hall's perks include a company-owned 2007 Chevrolet Envoy or comparable car, plus lodging near company headquarters costing up to $5,500 a month, according to the SEC filing.

He also will be reimbursed for traveling to and from his home in Canada, capped at $6,000 a month or standard airfare rates. The company will also pay reasonable travel expenses for his spouse to attend business functions.

Hall will get as much as $37,500 a year to defray tax differences between the U.S. and Canada. He also will be reimbursed up to $12,500 a year for tax planning and preparation.

If Hall leaves the company, he may be hired as a consultant and paid $33,333 a month for the first year and $25,000 monthly for the second year in exchange for up to 15 hours of consulting work a month.

Jelenic, who took a medical leave in June and resigned in November, was given $4.76 million in severance. Vesting of his 192,500 restricted stock units was accelerated and outstanding vested stock options will remain exercisable until November 2010 or the options' expiration, whichever is earlier.

Journal Register will pay for Jelenic's company car and country club membership until November 2010. The company also will sell the car to Jelenic for $1 after November 2010. Jelenic gets his company computer, printer, fax machine and similar items for $1 each.

Jelenic keeps secretarial and information technology support until Dec. 31, 2009. He also received lifetime medical benefits.

Shares of Journal Register fell 2 cents to close at $1.98 Tuesday. The stock has lost 90 percent of its value since closing at $19.33 on Dec. 31, 2004.