Thursday, March 19, 2009

Gannett slashes CEO's pay package by 60 pct

Gannett Co. slashed its chief executive's pay package by 60 percent last year, passing along the financial misery that has tormented the largest U.S. newspaper publisher as its stock price and profit shrank amid an industrywide drop in advertising revenue.

CEO Craig Dubow was granted 2008 compensation valued at $3.1 million, based on The Associated Press' analysis of figures Gannett filed with the Securities and Exchange Commission Wednesday. That's down from 2007 compensation of $7.9 million, which included estimates provided by the company of restricted stock and stock options that overstate what they are currently worth.

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