Friday, March 14, 2008
Gannett rewards those on top, cuts those on the bottom
This is the sort of thing that makes my blood boil! I used to work for a Gannett newspaper, and know the problems both internally and externally the company faces. And there are a lot of good people working for the company (including some fantastic cartoonists), but I think this speaks volumes about the problems with Wall Street and its effects on everyday workers.
Craig Dubow, the CEO of Gannett, received pay and compensation valued at $7.9 million in 2007, which is 36% higher than the previous year. Matthew Barakat notes that in the last 12 months, Gannett stock has lost roughly half its value, from about $60 a year ago to $29.97 at the close of business Thursday.
And over on Gannett Blog, they have this handy chart disseminating the pay breakdown.
Make sure you check out the comments.