Once again, American Media Inc., publisher of Star, the National Enquirer and Men's Fitness, filed its financial statement with the S.E.C. well past the due date. And we can understand why: The company is hemorrhaging money. Is there some way they could cut costs to help the bottom line? Well, maybe they could reduce the amount they shell out on Chief Editorial Director Bonnie Fuller's beauty treatments.
The Company is party to an employment agreement with Ms. Fuller. The term of Ms. Fuller's agreement commenced on July 7, 2003 and was amended as of April 1, 2006 to extend the term of the agreement through March 31, 2009 and to make certain other changes. Under her employment agreement, as amended, Ms. Fuller is to receive: (i) annual base salary in the amount of $1,500,000; (ii) an annual incentive payment of at least $500,000 with a target of $1,000,000, based on certain performance criteria; (iii) health and welfare benefit plan coverage; (iv) a grant of 1,350 Class B Units upon execution of the original agreement and an additional 450 Class B Units upon execution of the amendment; (v) an allotment of $80,000 per year for car services; (vi) reimbursement of health club-related expenses up to $18,000 per year; (vii) payment or reimbursement of hair and make-up charges of up to $20,000 per year for business-related appearances; (viii) payment of certain dues of related professional organizations; and (ix) reimbursement of certain expenses.
To be fair to Bonnie, she always looks fabulous. But maybe they should consider bringing back Joe Dolce. From what we understand, he only took five grand in make-up expenses, and most of that was for foundation.