As Gannett (GCI), a newspaper publisher, saw its stocks plummet down to 71% over the last year, new lay-offs are imminent in the company. Gannett’s CEO, Craig Dubow issued a memo to his staff, saying that everyone would have to make sacrifices, including himself. So Dubow is decreasing his pay by $200,000, reducing his base pay to $1 million a year. But most public-company CEOs receive compensation beyond salaries, and as quoted:
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.
Which means Dubow’s sacrifice won’t be as much as his staff would have to give – only a 3% cut, overall, in light of the 20% salary cut announced.
[via Silicon Alley Insider]
As employees are shown the door, an employer like Gannett may be wise to hang onto their e-mail records. –Ben http://legal-beagle.typepad.com/wrights_legal_beagle/2008/10/retain-e-mail-of-former-employees.html
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