Mar 18, 2010

Less means more for some

Gannett rewarded CEO Craig Dubow with a $1.4 million bonus in 2009 after he "engineered record layoffs and other cost cutting across the company," Gannett Blog reports. Dubow's total pay for the year was $4.7 million. It appears Dubow's cost-cutting boosted the value of stocks, for which he and several other execs were compensated.

From Gannett Blog:
The figures, disclosed in the annual shareholder's proxy report, came after Gannett shed more than 6,000 jobs during the year through cuts that included a broad layoff in July. The company also imposed two rounds of furloughs and a one-year wage freeze for employees in the U.S. newspaper division and elsewhere. Combined, those moves helped drive Gannett's stock to yesterday's close of $16.78 from a 2009 low of $1.85.
Gannett is the largest newspaper publisher in the country. The company's papers include the Desert Sun in Palm Springs.

1 comment:

Anonymous said...

What a crock of shit!!!