July 30, 2008

Gannett Watch

Despite plunging stocks and company cutbacks, it turns out Gannett’s top executive is one of the highest paid in the nation. Gannett Chairman and CEO Craig Dubow earned nearly $7.5 million in total compensation last year, landing him 22nd on a recent Washington Post list of the nation’s top-100 executive earners. 

Earlier this month, Gannett announced that its revenue had nosedived 36 percent from the previous year. And although the company’s profits dropped by a whopping $133 million in a mere 12 months, the sharp decline didn’t seem to impact the CEO, who received a $1.75 million bonus in 2007 in addition to his base salary. 

Not surprisingly, most Gannett staffers have not fared so well. In fact, the company froze employee pensions in June, a measure expected to save millions.