Two years after Craig Dubow took over as CEO on July 15, 2005, Gannett stock is down 30% -- the worst performance of any big U.S. newspaper publisher except McClatchy, whose ill-timed purchase of Knight Ridder's newspapers sent its stock into a tailspin. (I've also included the S&P-500 Index's performance for comparison.) Faring best during the period: Dow Jones, buoyed by hopes the controlling Bancroft family will accept News Corp. chief Rupert Murdoch's $5 billion bid by today's deadline.The question, as always: How long will Wall Street and the board of directors remain patient with Dubow? He's now on a three-year contract signed in February 2007 that provides for a "rolling" three-year term, until either Dubow or Gannett give notice it won't be extended. In that case, the contract is to expire Dec. 31 of the second year after the notice, according to the March 15 shareholders proxy report.
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