Jacqueline Welch
NEW YORK TIMESAbout Jacqueline Welch
Executive Vice President and Chief Human Resources Officer of The New York Times Company since January 11, 2021; she leads talent acquisition, career development, organizational development, equitable compensation practices, performance enablement, and DEI initiatives . Education: BA in English (Syracuse University) and MS in Human Resources Management (The New School, Milano) . Age at appointment: 50 (announced November 17, 2020) . Company performance metric context: The NYT 2022–2024 Relative TSR was 21.41%, ranking at the 56th percentile of the S&P 500 peer set; long-term awards for that cycle paid at 123% for the TSR component, ~106% for cumulative adjusted operating profit, and ~94% for cumulative digital subscription revenue .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Freddie Mac | SVP, Chief Human Resources Officer & Chief Diversity Officer | 2016–2020 | Led HR function; adviser to board/ELT; oversaw corporate community engagement and 10 ERGs |
| Turner Broadcasting System | SVP, Talent Management & Diversity | 2008–2010 | Led global talent and diversity programs |
| Turner Broadcasting System | SVP, International Human Resources | 2010–2013 | Ran international HR strategy and operations |
| WestRock (Rock-Tenn), Accenture, Willis Towers Watson | HR leadership and consulting roles | Earlier career | Human capital strategy and execution roles (prior to 2008) |
| Lord & Taylor | Merchant | Early career | Commercial foundation in merchandising |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Habitat for Humanity of Northern Virginia | Board Member | Current | Community board service |
| Human Resources Policy Association (HRPA) | Board Member | Current | Industry policy association board |
| Buckman | Board Member | Current | Corporate board (as listed by Aspen Ideas) |
| National Academy of Human Resources | Fellow | Inducted 2023 | Professional recognition |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 526,731 | 525,000 | 525,000 |
| Target Bonus % of Salary | 60% | 70% | 70% |
| Target Bonus ($) | 302,288 | 360,164 | 367,500 |
| Actual Annual Incentive ($) | 271,303 | 385,376 | 427,035 |
| All Other Compensation ($) | 57,398 | 52,395 | 43,548 |
| Sign-on Bonus ($) | 200,000 (2021) | — | — |
Notes:
- Perquisites reported as $0 for Welch in 2023 and 2024; savings plan contributions $51,078 (2023) and $42,231 (2024); life insurance premiums $1,317 (both years) .
Performance Compensation
Annual Incentive Structure and Outcomes
| Year | Component | Weighting | Resulting Payout % | Total Target Award ($) | Total Actual Award ($) | Actual as % of Target |
|---|---|---|---|---|---|---|
| 2023 | Financial | 80% | 107% | 360,164 | 385,376 | 107% |
| 2023 | Individual | 20% | 107% | 360,164 | 385,376 | 107% |
| 2024 | Financial | 80% | 124% | 367,500 | 427,035 | 116% |
| 2024 | Individual | 20% | 85% | 367,500 | 427,035 | 116% |
Context: Individual achievements cited include Welch’s “effective leadership of HR” with improvements to performance reviews and talent management (2023) and continued leadership of HR systems (2024) .
Long-Term Performance Awards (2022–2024 cycle; paid in early 2025)
| Metric | Weighting | Target Shares (#) | Target Value ($) | Actual Shares (#) | Actual Value at Vesting ($) | Payout vs Target |
|---|---|---|---|---|---|---|
| Adjusted Operating Profit | 40% | 3,777 | 166,000 | 5,628 | 269,469 | ~106% of target (company) |
| Digital Subscription Revenue | 20% | 1,883 | 82,800 | 1,506 | 72,107 | ~94% of target (company) |
| Relative TSR (vs S&P 500) | 40% | 3,411 | 139,200 | 4,196 | 200,904 | 123% of target (company) |
| Total | 100% | 9,071 | 388,000 | 11,330 | 542,480 | Company-level outcomes above |
Valuation notes: Actual values calculated at $47.88 closing price on Feb 25, 2025; target shares valued at grant-date fair values ($43.96 for operating profit and digital subscription revenue; $40.81 for TSR) .
2024 Long-Term Grants (2024–2026 cycle)
| Component | Shares | Grant Date Value ($) |
|---|---|---|
| Restricted Stock Units (time-vested; 3-year equal annual vesting) | 2,799 | 130,000 |
| Adjusted Operating Profit (performance award) | 4,478 | 208,000 |
| Digital Subscription Revenue (performance award) | 2,239 | 104,000 |
| Relative TSR (performance award) | 4,478 | 208,000 |
| Total | 13,994 | 650,000 |
Grant methodology: Target shares were determined using the 20-day average price up to and including the Feb 21, 2024 grant date ($46.44) . RSUs vest in equal annual tranches over three years .
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Beneficial Class A shares (as of March 4, 2025) | 14,379; <1% of Class A |
| Unvested RSUs (#; market value at 12/31/2024) | 5,806; $302,202 |
| Unearned performance awards (#; max payout basis; market/payout value) | 49,936; $2,599,169 |
| Stock options outstanding | None (no outstanding options for executive officers) |
| Stock ownership guidelines | Executives must hold ≥2× base salary in Class A shares/equivalents; all executives in compliance |
| Hedging/pledging policy | Prohibits hedging/derivatives, margin accounts, or pledging company stock |
Upcoming RSU Vesting Schedule (as of year-end 2024)
| Vesting Date | Jacqueline Welch RSUs (#) |
|---|---|
| Feb 18, 2025 | 711 |
| Feb 21, 2025 | 932 |
| Feb 22, 2025 | 1,148 |
| Feb 21, 2026 | 933 |
| Feb 22, 2026 | 1,148 |
| Feb 21, 2027 | 934 |
| Total | 5,806 |
Option exercises/stock vested (2024): Welch received 13,188 shares with $623,332 value realized from RSU vesting and the 2022–2024 performance award payout (stock-settled) .
Employment Terms
| Scenario | Annual & Long-Term Performance Awards ($) | Restricted Stock Units ($) | Nonqualified Deferred Compensation ($) |
|---|---|---|---|
| Death/Disability/Retirement | 1,489,515 | 302,202 | 105,608 |
| Change in Control (CIC) | 520,000 | — | — |
| Termination upon CIC | 520,000 | 302,202 | 71,685 |
| Termination (without CIC) | — | — | 71,685 |
| Resignation | — | — | 71,685 |
Key plan terms:
- Performance awards upon CIC are deemed earned at the greater of target or actual-to-date and remain subject to time-based vesting; Restoration Plan vests upon CIC .
- Welch does not participate in the company Pension Plan or SERPs; Restoration Plan interest credited above-market: $807 (2024) and $627 (2023) .
- Clawback policy revised in 2023 to comply with NYSE listing standards; applies to incentive-based cash and stock compensation in event of certain restatements .
Investment Implications
- Alignment vs. liquidity pressure: Welch holds 14,379 shares and is in compliance with 2× salary ownership guidelines; upcoming RSU vesting tranches (711/932/1,148 in Feb 2025; 933/1,148 in 2026; 934 in 2027) create predictable windows for potential selling to cover taxes or diversify, though the company prohibits hedging/pledging/margin use .
- Pay-for-performance linkage: Annual bonuses are 80% financial/20% individual; her 2024 financial component paid at 124% while individual paid at 85%; long-term awards tied to adjusted operating profit, digital subscription revenue, and relative TSR, with 2022–2024 payouts reflecting mixed execution (TSR 123% vs. operating profit ~106% and digital subscriptions ~94%) .
- Retention risk: Time-vested RSUs and multi-year performance awards (49,936 unearned shares at max) support retention; no stock options outstanding reduces forced exercise pressure; severance economics for Welch are limited to equity/Restoration Plan benefits under specified scenarios, suggesting standard executive protections without large salary/bonus multiples .
- Governance quality: Use of independent consultant (Exequity), structured peer benchmarking, and stock ownership/clawback policies indicate disciplined compensation oversight; 2024 peer group adjustments removed Cable One to maintain relevance .