Pinch Sulzberger, under whose management the New York Times Company has declined both editorially and financially, is offering a virtual mea culpa today, in the form of a regulatory disclosure and letter to employees revealing that he (and his cousin, Vice Chairman Michael Golden) will forgo stock compensation this year. The move will free up approximately $2 million which will go into a pool to be distributed to employees at the discretion of management. The AP reports: Sulzberger and Michael Golden told employees in a letter that their pay reduction —— which they described as a personal decision —— would result in about $2 million becoming available for payments to reward exceptional performance by staff who don't participate in the Times' annual bonus plan. The first round of bonuses would be distributed next February, with a similar amount being paid out the following February, they said. Last year Sulzberger and Golden received restricted stock awards...(Read Full Post)