Ad Boss $hares Good Fortune with Staff
Now that’s a good boss — ask anybody in Madison Avenue.
When advertising CEO Pete Snyder cashed out and sold control of his company back in 2007, he stayed in charge but didn’t keep all the sale proceeds for himself.
Instead, he plowed some of the windfall into a stock pool for his employees.
Now, three years later that stock has grown into a tidy $2.5 million pot and this week he’s handing out checks for between $80,000 and $105,000 to each of the 30 loyal employees who stayed on board at New Media Strategies after it was acquired by media giant Meredith Corp. in a $30.7 million package deal with three other smaller shops.
Snyder isn’t confirming the check amounts buzzing in the office about his good-guy deed, but admits it’s really unusual in the dog-eat-dog world of advertising.