The SF Weekly is reporting that Lisa Frazier, the CEO of the new F. Warren Hellman-financed Bay Area News Project, will make $400,000 a year. Not bad for somebody who has no journalistic experience. She’s a business and media consultant.

By comparison, former Wall Street Journal managing editor Paul Steiger, who heads the Herbert and Marion Sandler news nonprofit Pro Publica, was paid $570,000 in 2008, according to IRS documents.

The SF Weekly also reports:

Newsroom sources at KQED, meanwhile, told SF Weekly that unease over Frazier taking the CEO spot may have led to the station quitting the Bay Area News Project. Frazier had been initially tasked with searching for the person to fill the position she has now assumed.

Read more about the project’s new editor below.