Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-27

New York Times (NYT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$8,862,362
Meredith Kopit Levien total, FY2025
CEO pay percentile vs peers
49:1
CEO-to-median pay ratio
100%
Say-on-pay support, latest vote
Companies that benchmark against NYT
8 companies name NYT as a compensation peer

Each company listed discloses NYT 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 NYT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Meredith Kopit Levien$995,577$0$5,848,379$0$1,822,118$7,389$188,899$8,862,362
President and Chief Executive Officer
A.g. Sulzberger694,42303,606,56601,271,3335,314106,0505,683,686
Chairman and Publisher, The New York Times
Diane Brayton588,87001,436,2150654,66216,45777,9902,774,194
Executive Vice President and Chief Legal Officer
William Bardeen514,61601,364,6040763,16110,21972,8192,725,419
Executive Vice President and Chief Financial Officer
Jacqueline Welch527,0190633,5130532,14076662,3701,755,808
Executive Vice President and Chief Human Resources Officer

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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Meredith Kopit Levien$8,862,362$10,280,085
A.g. Sulzberger5,683,6865,775,367
Diane Brayton2,774,1942,793,234
William Bardeen2,725,4192,117,843
Jacqueline Welch1,755,8082,018,983

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Manuel BronsteinDirector2026-04-16A49$0$0RSUForm 4 ↗
Amanpal S. BhutaniDirector2026-04-16A8100RSUForm 4 ↗
Margot GoldenDirector2026-04-16A2100RSUForm 4 ↗
Beth BrookeDirector2026-04-16A5400RSUForm 4 ↗
Arthur S. GoldenDirector2026-04-16A5600RSUForm 4 ↗
Anuradha B. SubramanianDirector2026-04-16A2600RSUForm 4 ↗
Rebecca Van DyckDirector2026-04-16A15100RSUForm 4 ↗
John W. Rogers, JrDirector2026-04-16A8800RSUForm 4 ↗
Brian P. McAndrewsDirector2026-04-16A15100RSUForm 4 ↗
Rachel GlaserDirector2026-04-16A9200RSUForm 4 ↗
Amanpal S. BhutaniDirector2026-04-22A2,27700CommonForm 4 ↗
Brian P. McAndrewsDirector2026-04-22A2,27700CommonForm 4 ↗
Anuradha B. SubramanianDirector2026-04-22A2,27700CommonForm 4 ↗
Margot GoldenDirector2026-04-22A2,27700CommonForm 4 ↗
Arthur S. GoldenDirector2026-04-22A2,27700CommonForm 4 ↗
Beth BrookeDirector2026-04-22A2,27700CommonForm 4 ↗
John W. Rogers, JrDirector2026-04-22A2,27700CommonForm 4 ↗
Manuel BronsteinDirector2026-04-22A2,27700CommonForm 4 ↗
Brian P. McAndrewsDirector2026-04-22A165.44Derivative, Class A CommonForm 4 ↗
Rachel GlaserDirector2026-04-22A2,27700CommonForm 4 ↗
Rebecca Van DyckDirector2026-04-22A2,27700CommonForm 4 ↗
David PerpichDirector2026-05-11D50000CommonForm 4 ↗
David PerpichDirector2026-05-11D9,00077693,540CommonForm 4 ↗
KOPIT LEVIEN MEREDITH A.Director2026-05-12D9,75078760,500CommonForm 4 ↗
William BardeenEVP, Chief Financial Officer2026-05-12D4,12178320,824CommonForm 4 ↗
Jacqueline WelchEVP and CHRO2026-06-03D4,00074296,548CommonForm 4 ↗
John W. Rogers, JrDirector2026-07-23A10600RSUForm 4 ↗
Brian P. McAndrewsDirector2026-07-23A17600RSUForm 4 ↗
Margot GoldenDirector2026-07-23A3100RSUForm 4 ↗
Rachel GlaserDirector2026-07-23A11000RSUForm 4 ↗
Manuel BronsteinDirector2026-07-23A6200RSUForm 4 ↗
Beth BrookeDirector2026-07-23A6800RSUForm 4 ↗
Arthur S. GoldenDirector2026-07-23A7000RSUForm 4 ↗
Rebecca Van DyckDirector2026-07-23A17600RSUForm 4 ↗
Anuradha B. SubramanianDirector2026-07-23A3600RSUForm 4 ↗
Amanpal S. BhutaniDirector2026-07-23A9800RSUForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Meredith Kopit LevienPSU2025-02-2639,95595,130190,260$4,702,276
Jacqueline WelchPSU2025-02-264,32910,30520,610509,376
Jacqueline WelchPSU2025-02-2632,576124,137
William BardeenPSU2025-02-269,32422,19744,3941,097,198
Meredith Kopit LevienPSU2025-02-26323,7831,146,103
William BardeenPSU2025-02-2635,549267,406
Diane BraytonPSU2025-02-2635,840281,430
Diane BraytonPSU2025-02-269,81323,36246,7241,154,785
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Meredith Kopit Levien$0$5,848,379$0100.0%
Jacqueline Welch0633,5130100.0%
William Bardeen01,364,6040100.0%
Diane Brayton01,436,2150100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
A.g. SulzbergerRSU29,107$2,020,608
Diane BraytonRSU11,970830,957
Jacqueline WelchRSU5,591388,127
A.g. SulzbergerPSU234,54616,282,183
Meredith Kopit LevienPSU381,71426,498,586
Diane BraytonPSU97,4846,767,339
Meredith Kopit LevienRSU48,5683,371,591
Jacqueline WelchPSU43,0002,985,060
William BardeenPSU78,8445,473,350
William BardeenRSU9,915688,299
05

Incentive-plan design — the Compensation Discussion & Analysis

We believe that our executive officers are critical to our success and to the creation of long-term stockholder value.

CEO STI target (% of salary)125%
CEO LTI target (% of salary)
Independent consultantExequity
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-22754,43100100%Passed
20252025-04-30751,1653,340099.56%Passed
20242024-04-24755,3313,340099.56%Passed
20232023-04-26758,3373,3406099.55%Passed
20222022-04-27752,1594,340099.43%Passed
20212021-04-28754,7534,340099.43%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 yearMeeting dateApproval — company's computation
20262026-04-22100%a
20252025-04-3099.56%b
20242024-04-2499.56%c

a. Approved under the standard stated in the filing — “and abstentions will have the same effect as votes against Proposal 2 and advisory Proposal 3.”.

b. Approved under the standard stated in the filing — “and abstentions will have the same effect as votes against Proposal 2 and advisory Proposal 3.”.

c. Approved under the standard stated in the filing — “and abstentions will have the same effect as votes against Proposal 2 and advisory Proposal 3.”.

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.

07

CEO pay ratio

Ratio (CEO : median employee)49 : 1
CEO total compensation$8,862,362
Median employee compensation$181,622
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Rachel GlaserIndependent · Lead Independent Director · Audit (Chair) · Compensation$130,027$185,000$0$0$0$315,027
Brian P. McAndrewsIndependent · Compensation (Chair) · Nominating & Governance105,973185,000000290,973
Anuradha B. SubramanianIndependent · Audit · Finance100,000185,000000285,000
Amanpal S. BhutaniIndependent · Audit · Finance100,000185,000000285,000
Beth BrookeIndependent · Audit · Compensation100,000185,000000285,000
Rebecca Van DyckIndependent · Nominating & Governance (Chair) · Compensation96,000185,000000281,000
John W. Rogers, JrIndependent · Finance (Chair) · Nominating & Governance96,000185,000000281,000
Arthur GoldenNot independent · Finance80,000185,000000265,000
Manuel BronsteinIndependent · Nominating & Governance76,000185,000000261,000
Margot GoldenNot independent70,000185,000000255,000
Meredith Kopit LevienEmployee director00000
A.G. SulzbergerEmployee director · Board Chair00000
David PerpichEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer$185,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)70,000
Stock ownership guideline4x annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$954,000
Equity awards (grant-date value)$1,850,000
All other compensation$0
Total cost of the board$2,804,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1New York Times2025Meredith Kopit Levien$995,577$5,848,379$0$1,822,118$8,862,362

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Meredith Kopit LevienDEF 14A2026-03-130000071691-26-000016Section “Summary Compensation Table” · page 62. As printed: 8,862,362. Filing ↗machine: t66 · r6 · c16 · span 862166–862175
2Section 01, A.g. SulzbergerDEF 14A2026-03-130000071691-26-000016Section “Summary Compensation Table” · page 62. As printed: 5,683,686. Filing ↗machine: r3 · c27 · span 852521–852530
3Section 01, Diane BraytonDEF 14A2026-03-130000071691-26-000016Section “Summary Compensation Table” · page 62. As printed: 2,774,194. Filing ↗machine: r12 · c27 · span 881662–881671
4Section 01, William BardeenDEF 14A2026-03-130000071691-26-000016Section “Summary Compensation Table” · page 62. As printed: 2,725,419. Filing ↗machine: r9 · c27 · span 872007–872016
5Section 01, Jacqueline WelchDEF 14A2026-03-130000071691-26-000016Section “Summary Compensation Table” · page 62. As printed: 1,755,808. Filing ↗machine: r15 · c27 · span 891356–891365
6Section 03, Meredith Kopit Levien PSUDEF 14A2026-03-130000071691-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t69 · r10 · c7 · span 966016–966022
7Section 03, Jacqueline Welch PSUDEF 14A2026-03-130000071691-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t69 · r22 · c7 · span 993949–993955
8Section 03, Jacqueline Welch PSUDEF 14A2026-03-130000071691-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t35 · r8 · c2 · span 370307–370308
9Section 03, William Bardeen PSUDEF 14A2026-03-130000071691-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t69 · r14 · c8 · span 975270–975276
10Section 03, Meredith Kopit Levien PSUDEF 14A2026-03-130000071691-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t69 · r9 · c10 · span 964623–964632
11Section 03, William Bardeen PSUDEF 14A2026-03-130000071691-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t69 · r13 · c11 · span 973836–973843
12Section 03, Diane Brayton PSUDEF 14A2026-03-130000071691-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t34 · r4 · c2 · span 320431–320432
13Section 03, Diane Brayton PSUDEF 14A2026-03-130000071691-26-000016Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t69 · r18 · c7 · span 984620–984626
14Section 07, pay ratioDEF 14A2026-03-130000071691-26-000016Section “CEO Pay Ratio”. As printed: 49 : 1. Filing ↗machine: span 1164509–1164513
15Section 08, Rachel GlaserDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 315,027. Filing ↗machine: t52 · r5 · c9 · span 592520–592527
16Section 08, Brian P. McAndrewsDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 290,973. Filing ↗machine: t52 · r8 · c9 · span 598325–598332
17Section 08, Anuradha B. SubramanianDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 285,000. Filing ↗machine: t52 · r10 · c9 · span 602208–602215
18Section 08, Amanpal S. BhutaniDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 285,000. Filing ↗machine: t52 · r2 · c9 · span 586692–586699
19Section 08, Beth BrookeDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 285,000. Filing ↗machine: t52 · r4 · c9 · span 590586–590593
20Section 08, Rebecca Van DyckDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 281,000. Filing ↗machine: t52 · r11 · c9 · span 604434–604441
21Section 08, John W. Rogers, JrDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 281,000. Filing ↗machine: t52 · r9 · c9 · span 600264–600271
22Section 08, Arthur GoldenDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 265,000. Filing ↗machine: t52 · r6 · c9 · span 594453–594460
23Section 08, Manuel BronsteinDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 261,000. Filing ↗machine: t52 · r3 · c9 · span 588654–588661
24Section 08, Margot GoldenDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 255,000. Filing ↗machine: t52 · r7 · c9 · span 596386–596393
25Section 08, Meredith Kopit LevienDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 0. Filing ↗
26Section 08, A.G. SulzbergerDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, David PerpichDEF 14A2026-03-130000071691-26-000016Section “Director Compensation”. As printed: 0. Filing ↗
28Section 02, Manuel Bronstein 2026-04-16Form 42026-04-200001847776-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Amanpal S. Bhutani 2026-04-16Form 42026-04-200001628280-26-026071Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Margot Golden 2026-04-16Form 42026-04-200001214659-26-004850Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Beth Brooke 2026-04-16Form 42026-04-200001786769-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Arthur S. Golden 2026-04-16Form 42026-04-200001214659-26-004851Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Anuradha B. Subramanian 2026-04-16Form 42026-04-200001842720-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Rebecca Van Dyck 2026-04-16Form 42026-04-200001641294-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, John W. Rogers, Jr 2026-04-16Form 42026-04-200000938885-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Brian P. McAndrews 2026-04-16Form 42026-04-200001193074-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Rachel Glaser 2026-04-16Form 42026-04-200001497570-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Amanpal S. Bhutani 2026-04-22Form 42026-04-240001628280-26-027269Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Brian P. McAndrews 2026-04-22Form 42026-04-240001193074-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Anuradha B. Subramanian 2026-04-22Form 42026-04-240001842720-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Margot Golden 2026-04-22Form 42026-04-240001214659-26-005081Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Arthur S. Golden 2026-04-22Form 42026-04-240001214659-26-005080Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Beth Brooke 2026-04-22Form 42026-04-240001786769-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, John W. Rogers, Jr 2026-04-22Form 42026-04-240000938885-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Manuel Bronstein 2026-04-22Form 42026-04-240001847776-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Brian P. McAndrews 2026-04-22Form 42026-04-240001193074-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Rachel Glaser 2026-04-22Form 42026-04-240001497570-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Rebecca Van Dyck 2026-04-22Form 42026-04-240001641294-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, David Perpich 2026-05-11Form 42026-05-120001214659-26-006008Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, David Perpich 2026-05-11Form 42026-05-120001214659-26-006008Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, KOPIT LEVIEN MEREDITH A. 2026-05-12Form 42026-05-140001640075-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, William Bardeen 2026-05-12Form 42026-05-140001980790-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Jacqueline Welch 2026-06-03Form 42026-06-050001838160-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, John W. Rogers, Jr 2026-07-23Form 42026-07-270000938885-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Brian P. McAndrews 2026-07-23Form 42026-07-270001193074-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Margot Golden 2026-07-23Form 42026-07-270001214659-26-009073Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Rachel Glaser 2026-07-23Form 42026-07-270001497570-26-000013Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Manuel Bronstein 2026-07-23Form 42026-07-270001847776-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Beth Brooke 2026-07-23Form 42026-07-270001786769-26-000011Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Arthur S. Golden 2026-07-23Form 42026-07-270001214659-26-009074Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Rebecca Van Dyck 2026-07-23Form 42026-07-270001641294-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Anuradha B. Subramanian 2026-07-23Form 42026-07-270001842720-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Amanpal S. Bhutani 2026-07-23Form 42026-07-270001628280-26-049875Insider equity transaction reported since the proxy statement. Filing ↗
64Section 06, 2026 voteForm 8-K2026-04-230000071691-26-000019Item 5.07 · say-on-pay result. As reported: 100%. Filing ↗
65Section 06, 2025 voteForm 8-K2025-05-020000071691-25-000086Item 5.07 · say-on-pay result. As reported: 99.56% (votes for as printed: 751,165). Filing ↗
66Section 06, 2024 voteForm 8-K2024-04-260001193125-24-118065Item 5.07 · say-on-pay result. As reported: 99.56% (votes for as printed: 755,331). Filing ↗
67Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
68Section 09b board cost (computed)ComputedcomputedCash 954,000 + equity 1,850,000 + all other 0 = 2,804,000, summed across the director compensation table rows.machine: formula: Σ = 2,804,000
69New York Times (subject), Section 10b CEO totalDEF 14A2026-03-130000071691-26-000016CEO total compensation as printed in New York Times's own proxy. As printed: 8,862,362. Filing ↗machine: t66 · r6 · c16 · span 862166–862175