David Perpich
NEW YORK TIMESAbout David Perpich
David Perpich, 47, is a fifth-generation member of the Ochs‑Sulzberger family and has served on The New York Times Company Board since 2019. He is Publisher of The Athletic (since 2022) and previously led Wirecutter and multiple core product roles at NYT; he joined the Company in 2010 to build paid products for NYTimes.com. He is not independent (employee and family) and is also a Trustee of the Ochs‑Sulzberger Trust, which controls the Class B shares. His tenure and operating experience are centered on digital product leadership and subscription growth at NYT’s standalone products .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The New York Times Company | Executive Director, NYTimes.com paid products | 2010 | Built paid products strategy |
| The New York Times Company | VP, Product Management | 2011–2013 | Oversaw product portfolio; digital product execution |
| The New York Times Company | GM, New Digital Products | 2013–2015 | Led new product incubation |
| The New York Times Company | SVP, Product | 2015–2017 | Responsible for NYT’s digital product portfolio across mobile/web |
| Wirecutter (NYT) | President & GM | 2017–2020 | Grew affiliate revenues; operational leadership |
| The New York Times Company | Head of Standalone Products | 2020–2022 | Led products including Cooking, Games, Wirecutter |
| Wirecutter (NYT) | Publisher | 2022–2023 | Oversight of editorial/commercial model |
| The Athletic (NYT) | Publisher | 2022–present | Leads strategy, operations and growth |
External Roles
- No public company directorships disclosed in NYT’s proxy profile for Perpich .
Board Governance
- Independence: Not independent (employee and family member) .
- Committee assignments: Not listed as a member of Audit, Compensation, Finance, or Nominating & Governance Committees .
- Attendance: In 2024 the Board met 5 times and committees met 19 times; all directors attended at least 75% of meetings and all attended the 2024 annual meeting .
- Lead Independent/Presiding Director: Brian P. McAndrews (active liaison; chairs executive sessions) .
- Dual‑class governance: Perpich is one of eight Trustees of the Ochs‑Sulzberger Trust that votes Class B stock; Trustee actions require six of eight votes, reinforcing sustained editorial independence and long‑term focus .
Fixed Compensation
| Component | FY 2024 |
|---|---|
| Total cash compensation (employee) | $1,202,268 |
| Equity grants (2024–2026 LTI program, total fair value at grant) | $600,000 |
| Director fees | Not applicable to employee directors; Perpich not listed in non‑employee director compensation table |
Notes:
- Non‑employee director compensation in 2024 consisted of a $60,000 annual cash retainer (increased to $70,000 effective 1/1/2025) plus RSUs with $175,000 grant date fair value (increased to $185,000 for 2025) . RSUs for non‑employee directors vest at the next annual meeting and settle after board service ends .
Performance Compensation
| Program | Metric | FY/Performance Cycle | Payout/Detail |
|---|---|---|---|
| Annual Incentive (executives) | Adjusted Operating Profit (financial component 80%) | FY 2024 | 124% of target for the financial portion |
| Annual Incentive (executives) | Total Revenue (financial component 80%) | FY 2024 | 124% of target for the financial portion |
| Annual Incentive (executives) | Individual goals (20%) | FY 2024 | Assessed by Comp Committee; varies by executive (metrics set against operational/strategic goals) |
| Long‑Term Incentive (equity) | Cumulative Adjusted Operating Profit | 2022–2024 | 149% of target |
| Long‑Term Incentive (equity) | Cumulative Digital Subscription Revenue | 2022–2024 | 80% of target |
| Long‑Term Incentive (equity) | Relative Total Stockholder Return (TSR) | 2022–2024 | 123% of target; payable solely in Class A stock |
Additional design features:
- Time‑vested RSUs for executives vest in equal annual installments over three years (retention and alignment) .
- Annual/long‑term metrics are set from the operating budget and three‑year plan; payouts range 0–200% with threshold 50% on financial components .
Other Directorships & Interlocks
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Ochs‑Sulzberger Trust | Trustee | Current | Trustees vote all Trust Class A and B shares; six‑of‑eight Trustee vote required for actions; Trust holds 738,810 Class B and 1,400,000 Class A shares |
| NYT Board | Director | 2019–present | Class B nominee; not independent |
Related‑party and interlocks:
- NYT policy requires review/approval of transactions >$120,000 involving related persons by the Nominating & Governance Committee; directors do not participate in deliberations for their related transactions .
- In 2024, family members (including Perpich) were employees; arrangements conducted on arm’s‑length terms .
Expertise & Qualifications
- Deep product leadership and digital subscription experience across NYT consumer products (news, standalone verticals), with operating roles spanning product management, new product incubation, and P&L ownership at Wirecutter and The Athletic .
- Family stewardship perspective aligning with NYT’s mission and subscription‑first strategy; contributes institutional knowledge of NYT’s business and industry dynamics .
Equity Ownership
| Category | Amount | As of |
|---|---|---|
| Class A stock beneficial ownership | 2,178,718 shares (1.3%) | March 4, 2025 |
| Class B stock beneficial ownership | 740,490 shares (94.8%) | March 4, 2025 |
| Direct Class A (held solely) | 26,245 shares | March 4, 2025 |
| Class A via family trust (co‑trustee) | 11,000 shares | March 4, 2025 |
| Class B via family trust (co‑trustee) | 1,680 shares | March 4, 2025 |
| Custodial accounts (Class A) | 983 shares | March 4, 2025 |
| Unvested RSUs (Class A) | 5,324 units (subject to vesting; excluded from beneficial ownership totals) | — |
Notes:
- Beneficial ownership figures for Trustees include Trust shares and can duplicate across Trustees per SEC rules; Perpich disclaims beneficial ownership of certain trust‑held shares where applicable .
Governance Assessment
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Strengths
- Attendance and engagement: Board and committee attendance thresholds met; annual meeting attendance fulfilled; presence within an engaged board structure with active Presiding Director and regular executive sessions .
- Operating expertise: Significant digital product and subscription leadership across NYT portfolio; provides domain knowledge for standalone product strategy execution .
- Alignment mechanisms: Company‑wide prohibitions on hedging/pledging; clawback policy for incentive compensation; director and executive stock ownership guidelines (Board reports full compliance for directors) .
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Risks and potential conflicts
- Independence: Not independent (employee and family member); also serves as Trustee of the controlling Ochs‑Sulzberger Trust—raises potential conflict and concentration of influence under dual‑class governance, albeit disclosed and governed by formal policies .
- Related‑party exposure: Employment of multiple family members including Perpich, with compensation and LTI awards; mitigated by policy mandating Nominating & Governance Committee oversight for transactions and arm’s‑length terms .
- Committee roles: No standing committee assignments—limits direct committee‑level oversight contributions relative to independent directors .
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Compensation signals
- 2024 strong Company performance drove above‑target annual incentive financial payouts and meaningful LTI performance vesting Company‑wide; Perpich’s compensation reflects executive participation with balanced time‑based and performance‑based equity .
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Shareholder considerations
- Dual‑class structure persists with Trust control; Class B stockholders approve say‑on‑pay (Class A not voting), though management conducts Class A outreach; investors should consider Trust governance and Perpich’s Trustee role in evaluating board independence and alignment .