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Gannett, by far the greediest newspaper chain in America and one that typically seeks to obtain profit margins otherwise available only to crack dealers, is cracking down on perks for top executives. No longer will the company pay club membership fees for execs, nor will it grant allowances for home security systems, except for CEO Craig Dubow.
Fortunately, Dubow will probably still be able to come up with the money to cover his club fees. His salary last year came to $1.2 million and he also received a $1.75 million bonus. Dubow’s total compensation package could be worth as much as $7.5 million. Four other corporate bigwigs did quite well too, receiving salary and bonus packages ranging from about $1 million to $1.3 million.
Of course, these executives deserve the money. During the last year, they’ve overseen the collapse of the company’s stock price (by roughly 50 percent), laid off lots of Gannett workers, and managed to reduce the quality of most of their newspapers.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Chances that an applicant to a U.S. police force in 1992 was found to be “overly aggressive” on psychological tests:
Engineers funded by the United States military were working on electrical brain implants that will enable the creation of remote-controlled sharks.
Malaysian police were seeking fifteen people who appeared in an online video of the Malaysia-International Nude Sports Games 2014 Extravaganza, and Spanish police fined six Swiss tourists conducting an orgy in the back of a moving van for not wearing their seatbelts.
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”