Companies Lee Enterprises
Lee Enterprises (LEE): executive pay, fiscal 2025
Free brief. Every figure links to the company’s own filing.
Velarion Intel: free for 3 days, no card →Email me Lee Enterprises’s executive pay brief as a PDF
You get it on this page the moment you ask, and a copy by email. Every figure is cited to its filing.
After the PDF, up to three short notes on the deeper reports for this company. Reply “unsubscribe” to any of them, any time.
CEO pay, last three years
- $1,325,451FY2023
- $1,106,261FY2024
- $1,151,667FY2025
CEO total pay was $1,151,667 in fiscal 2025, up from $1,106,261 in fiscal 2024.
FY2025: salary $830,753 · bonus $0 · stock awards $274,832 · option awards $29,168
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Kevin Mowbray | $830,753 | $0 | $274,832 | $29,168 | $0 | $0 | $16,914 | $1,151,667 |
| President and Chief Executive Officer | ||||||||
| Nathan Bekke | 553,836 | 0 | 122,149 | 12,962 | 0 | 0 | 5,077 | 694,023 |
| Chief Operating Officer | ||||||||
| Timothy Millage | 484,606 | 0 | 106,882 | 11,343 | 0 | 0 | 9,611 | 612,442 |
| Vice President, Chief Financial Officer, and Treasurer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Kevin Mowbray | $1,151,667 | $1,106,261 | $1,325,451 | ↑ +45,406 |
| Nathan Bekke | 694,023 | 657,214 | 662,803 | ↑ +36,809 |
| Timothy Millage | 612,442 | 625,346 | 681,971 | ↓ −12,904 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company's executive compensation program is designed to attract and retain qualified executives, align executive interests with stockholders, and reward performance. The program consists of base salary, annual cash incentives, and long-term equity awards.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Korn Ferry |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Nathan Bekke | RSU | 2024-12-16 | — | — | 16,855 | — | $135,111 |
| Timothy Millage | RSU | 2024-12-16 | — | — | 14,749 | — | 118,224 |
| Kevin Mowbray | RSU | 2024-12-16 | — | — | 37,926 | — | 304,000 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Nathan Bekke | $135,111 | $0 | $0 | 0.0% |
| Timothy Millage | 118,224 | 0 | 0 | 0.0% |
| Kevin Mowbray | 304,000 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Timothy Millage | RSU | 3,182 | — | $18,009 |
| Nathan Bekke | RSU | 3,636 | — | 20,580 |
| Nathan Bekke | RSU | 6,995 | — | 39,592 |
| Timothy Millage | RSU | 7,275 | — | 41,177 |
| Kevin Mowbray | RSU | 8,182 | — | 46,309 |
| Nathan Bekke | RSU | 8,394 | — | 47,510 |
| Timothy Millage | RSU | 10,000 | — | 56,600 |
| Kevin Mowbray | RSU | 15,000 | — | 84,900 |
| Kevin Mowbray | RSU | 21,000 | — | 118,860 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Mary E. JunckIndependent · Executive Compensation Committee | $250,000 | $0 | — | — | — | $250,000 |
| Steven C. FletcherIndependent · Audit & Risk Management (Chair) · Executive Compensation · Compensation | 115,000 | 60,000 | — | — | — | 175,000 |
| Brent M. MagidIndependent · Executive Compensation · Nominating & Corporate Governance (Chair) · Compensation · Not standing for re-election | 115,000 | 60,000 | — | — | — | 175,000 |
| Jonathon F. MillerIndependent · Audit & Risk Management · Not standing for re-election | 100,000 | 60,000 | — | — | — | 160,000 |
| Madeline E. McIntoshIndependent · Nominating and Corporate Governance Committee | 100,000 | 60,000 | — | — | — | 160,000 |
Board fee structure and ownership guideline
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $60,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 15,000 / 10,000 |
| Stock ownership guideline | Implementation of non-employee director stock ownership guidelines, as reflected in the Company Corporate Governance Guidelines; |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $680,000 |
| Equity awards (grant-date value) | $240,000 |
| All other compensation | $0 |
| Total cost of the board | $920,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Lee Enterprises as a peer
Companies that benchmark against LEE
3 companies name LEE as a compensation peer
- CUMULUS MEDIA INCCMLSFY2024
- ENTRAVISION COMMUNICATIONS CORPEVCFY2025
- JOHN WILEY & SONS, INC.WLYFY2026
Each company listed discloses LEE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named LEE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies Lee Enterprises names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Sinclair Broadcast Group Incorporated | 2025 | Christopher Ripley | $1,000,000 | $6,761,543 | $0 | $2,079,652 | $10,824,228 |
| 2 | The New York Times Company | 2025 | Meredith Kopit Levien | 995,577 | 5,848,379 | 0 | 1,822,118 | 8,862,362 |
| 3 | Tegna Incorporated | 2024 | Michael Steib | 392,308 | 6,000,000 | 0 | 0 | 6,977,504 |
| 4 | Townsquare Media, Incorporated | 2025 | Bill Wilson | 1,450,000 | 2,502,135 | 0 | 0 | 5,897,214 |
| 5 | Lee Enterprises | 2025 | Kevin Mowbray | 830,753 | 274,832 | 29,168 | 0 | 1,151,667 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Lee Enterprises | not disclosed | RSU 100 | not disclosed | Korn Ferry |
| Sinclair Broadcast Group Incorporated | not disclosed | not disclosed | not disclosed | not disclosed |
| Tegna Incorporated | not disclosed | PSU 55 · RSU 45 | No | Meridian Compensation Partners, LLC |
| The New York Times Company | 149% | PSU 80 · RSU 20 | Yes | Exequity |
| Townsquare Media, Incorporated | not disclosed | not disclosed | not disclosed | Willis Tower Watson PLC |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-04-06 | 18,798,111 | 33,165 | 12,019 | 99.82% | Passed |
| 2025 | 2025-02-27 | 2,628,357 | 949,247 | 8,519 | 73.47% | Passed |
| 2024 | 2024-02-22 | 2,215,771 | 1,151,627 | 13,258 | 65.8% | Passed |
| 2023 | 2023-04-18 | 2,238,413 | 1,068,277 | 45,462 | 66.78% | Passed |
| 2020 | 2020-02-19 | 26,243,252 | 2,842,237 | 3,742,661 | 79.94% | Passed |
| 2017 | 2017-02-22 | 27,407,243 | 1,229,456 | 89,048 | 95.71% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-04-06 | 99.82%a |
| 2025 | 2025-02-27 | 73.47%b |
| 2024 | 2024-02-22 | 65.8%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “Abstentions will have no effect with respect to proposals 2 and 3, and broker non-votes will have no effect with respect to all three proposals.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 20 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | $54,732 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (24 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Kevin Mowbray. DEF 14A, filed 2026-03-05. Section “Executive Compensation” · page 47. As printed: 1,151,667. View filing ↗
- Section 01, Nathan Bekke. DEF 14A, filed 2026-03-05. Section “Executive Compensation”. As printed: 694,023. View filing ↗
- Section 01, Timothy Millage. DEF 14A, filed 2026-03-05. Section “Executive Compensation”. As printed: 612,442. View filing ↗
- Section 03, Nathan Bekke RSU. DEF 14A, filed 2026-03-05. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Timothy Millage RSU. DEF 14A, filed 2026-03-05. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Kevin Mowbray RSU. DEF 14A, filed 2026-03-05. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-03-05. Section “CEO Pay Ratio”. As printed: 20 : 1. View filing ↗
- Section 08, Mary E. Junck. DEF 14A, filed 2026-03-05. Section “Director Compensation”. As printed: 250,000. View filing ↗
- Section 08, Steven C. Fletcher. DEF 14A, filed 2026-03-05. Section “Director Compensation”. As printed: 175,000. View filing ↗
- Section 08, Brent M. Magid. DEF 14A, filed 2026-03-05. Section “Director Compensation”. As printed: 175,000. View filing ↗
- Section 08, Jonathon F. Miller. DEF 14A, filed 2026-03-05. Section “Director Compensation”. As printed: 160,000. View filing ↗
- Section 08, Madeline E. McIntosh. DEF 14A, filed 2026-03-05. Section “Director Compensation”. As printed: 160,000. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-04-07. Item 5.07 · say-on-pay result. As reported: 99.82% (votes for as printed: 18,798,111). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-02-27. Item 5.07 · say-on-pay result. As reported: 73.47% (votes for as printed: 2,628,357). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-02-23. Item 5.07 · say-on-pay result. As reported: 65.8% (votes for as printed: 2,215,771). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 680,000 + equity 240,000 + all other 0 = 920,000, summed across the director compensation table rows.
- Sinclair Broadcast Group Incorporated, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Sinclair Broadcast Group Incorporated's own proxy. As printed: 10,824,228. View filing ↗
- The New York Times Company, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in The New York Times Company's own proxy. As printed: 8,862,362. View filing ↗
- Tegna Incorporated, Section 10b CEO total. DEF 14A, filed 2025-04-08. CEO total compensation as printed in Tegna Incorporated's own proxy. As printed: 6,977,504. View filing ↗
- Townsquare Media, Incorporated, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Townsquare Media, Incorporated's own proxy. As printed: 5,897,214. View filing ↗
- Lee Enterprises (subject), Section 10b CEO total. DEF 14A, filed 2026-03-05. CEO total compensation as printed in Lee Enterprises's own proxy. As printed: 1,151,667. View filing ↗
- Section 10a, Townsquare Media, Incorporated reciprocity. DEF 14A. Townsquare Media, Incorporated names Lee Enterprises in its own disclosed peer group (read from its most recent proxy). View filing ↗