Wednesday, July 01, 2009
Gannett Co. Lays Off Thousands As CEO Pockets Millions
Gannett Co., the biggest U.S. newspaper publisher by daily circulation, has been taking a hatchet to its work force in recent years, even as its CEO pockets millions in compensation.
In the latest round of cuts, announced Wednesday, Gannett announced another 1,400 layoffs in the next few weeks. That amounts to 3 percent of the workforce.
One person at Gannett who isn't suffering these days is CEO Craig A. Dubow. In 2008, Dubow pocketed $3.7 million in compensation. That includes a base salary of $1,166,667, as well as stocks, options and other compensation. The year before, Dubow got $7.9 million in compensation.
In 2008, Gannett cut 4,600 jobs. It also required "most of its remaining employees to take unpaid leave in the first and second quarters."
In 2008, Gannett was ranked as "one of America's worst places to work," according to employee survey site Glassdoor. Dubow's approval rating stood at 19 percent, according to the survey.
Last year, Gannett stock fell in value 75 percent. Gannett lost $6.6 billion in 2008.
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