Gannett CEO: Sorry For The Layoffs, I'll Take A 3% Pay Cut

Newspaper publisher Gannett’s (GCI) stock is down 71% over the last year and thousands of new layoffs are imminent, but CEO Craig Dubow wants his employees to know he feels their pain. Everyone Gannett employs will have to make sacrifices, Dubow told his staff in a company-wide memo — including himself.

So the CEO is foregoing $200,000 in salary, reducing his base pay to $1 million a year. But like most public-company CEOs, Dubow’s compensation isn’t limited to his base pay, of course. Reuters:

Dubow’s base salary, which will be cut, is $1.2 million a year. His total compensation is about $7.5 million, counting base pay, bonus, stock awards, stock options and deferred compensation interest earnings, a company spokeswoman said.

So while Dubow’s salary cut — almost 20% — sounds noble, in reality, he’ll only make 3% less. Not exactly falling on your sword.

See Also:
Gannett To New Jersey Workers: Please Leave
Gannett: Our UK Papers Are Screwed, Too
Gannett Shrinks Workforce By 1,000, Stock Goes Up

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