Times to Lose 668 in Separation Plan
A total of 668 Los Angeles Times employees will participate in the company’s voluntary separation program, with most expected to leave by the end of March, The Times announced on Wednesday.
The program was offered to 5,200 full-time employees with at least one year of service. Eligibility was based on seniority, and limits were placed on the number of employees from each department who could participate. Those who qualified will receive up to two years’ pay and 18 months of company-paid medical coverage for themselves and their dependents.
Of the employees participating, 260 were from operations, 177 from marketing, 143 from administration and 88 from editorial.
David Laventhol, publisher and chief executive officer of The Times, said the company is pleased with the results of the program, which will “significantly reduce our cost base and improve our financial performance.â€
The program will result in a special charge against fourth-quarter earnings of Times Mirror, The Times’ parent company.
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