Valleywag
For most folks, Friday is payday. Not so at the Red Herring. Last week, we're told, the swiftly sinking tech publisher barely made payroll. Alex Vieux, the publication's owner, has a long history of paying vendors late, or never. But now he's resorted to shorting his management team, too. No surprise: Since it's no longer bothering to print an actual magazine, labor is the only major cost left for Vieux to cut. But Vieux's minions, for once, are in revolt over the move.
Last Friday, a tipster reports, Herring editor Joel Dreyfuss got paid nothing, and other top managers only got paid half their usual amount. As a result, we're told, the VP of biz dev, chief marketing officer, and chief financial officer quit. With top execs getting stiffed, how long before the rank and file also start missing paychecks — and walking out? More on this later today.
Red Herring's cash crunch
For most folks, Friday is payday. Not so at the Red Herring. Last week, we're told, the swiftly sinking tech publisher barely made payroll. Alex Vieux, the publication's owner, has a long history of paying vendors late, or never. But now he's resorted to shorting his management team, too. No surprise: Since it's no longer bothering to print an actual magazine, labor is the only major cost left for Vieux to cut. But Vieux's minions, for once, are in revolt over the move.
Last Friday, a tipster reports, Herring editor Joel Dreyfuss got paid nothing, and other top managers only got paid half their usual amount. As a result, we're told, the VP of biz dev, chief marketing officer, and chief financial officer quit. With top execs getting stiffed, how long before the rank and file also start missing paychecks — and walking out? More on this later today.
Read More:
10:16 AM on Fri Jul 6 2007
By Owen Thomas
754 views
Comment
Start a discussion:
Login with your username and password below. Or comment on this post via email.
Forgot your username or password? New User?