MediaFile

This one goes out to those of you who think that the suits are always out to make a killing.

Some of Tribune Co.’s top executives will limit or decline their share of a $6.5 million bonus pool, the Chicago Tribune reported on Saturday. The pool was set up to reward Trib executives who worked really hard on a transaction that will see the company go private in an $8.2 billion deal funded by a boatload of debt and financing from Chicago real estate magnate Sam Zell. The company will be employee-owned, and is hoping to pay down its debt even as the outlook for the newspaper business worsens.

Chief Executive Dennis FitzSimons already forfeited his share, but he apparently is not the only one. For at least one exec, it just didn’t seem like the right thing to do when the publisher and broadcaster is trying to thin the ranks to save its shekels.

From the article: “FitzSimons opted out of the pool, which was set up to pay $6.5 million to 32 unnamed executives if the transaction closes as planned. And the company’s latest filings show that Scott Smith, president of Tribune Publishing, has also forfeited his $400,000 bonus.”

More from the Tribune: “With Tribune going through a difficult period and ‘making tough decisions about staffing,’ [Smith] said, it would be better for him to ‘focus on what was best for the company.’”

Other execs limiting their shares: “Donald Grenesko, senior vice president for finance and administration, and John Reardon, president of Tribune Broadcasting, will receive smaller bonuses than the company indicated in an earlier filing. Grenesko will receive $400,000 instead of $600,000; Reardon will get $200,000 instead of $350,000.”

That doesn’t mean a future of penury, we should note. The pool is now worth $5.2 million and will be spread among more top executives than previously planned, the Trib reported.