A reader wrote in after seeing my post about stock holdings of top Gannett executives and directors:"I suspect even more interesting nuggets can be gleaned from the next proxy statement. For example, it will be interesting to see the year-over-year percentage increases in salary and bonus that senior management receives vs. the year-over-year decrease in the price of a share of Gannett stock.
The reader continues: "Do you remember the example that former CEO John Curley set in the pre-Doug McCorkindale era? The company wasn't doing all that well then, so for a couple of years he voluntarily limited his salary to one million dollars and refused to take any bonus. Faced with a tough business environment now, the current management mob just crowds closer to the trough, takes more for themselves, and reduces headcount across the company."
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Apparently the top brass at corporate never heard of leading by example rather than by fiat. It's too bad that the worker bees are paying the price for top management's mistakes.
ReplyDeleteThat's pretty much the way it always goes -- until management screws up so much that a board of director is humiliated into firing him.
ReplyDelete