Mark Thompson, hired as the New York Times Co.’s chief executive officer this week, will receive a pay package totaling as much as $10.5 million, including an annual salary of $1 million.

Thompson, who served as the British Broadcasting Corp.’s director general, stands to make as much as $4.5 million from his signing bonus, $2 million in annual incentives and $3 million in long-term incentives.

Times Co., the 161-year-old publisher based in New York, is counting on Thompson to revive sales growth and accelerate a shift to the Internet. So far, online advertising and a new so- called paywall on the website haven’t been enough to offset years of shrinking print revenue.

SOURCE: Bloomberg