The suddenly retiring president of Gannett's Newspaper Division owns 400,033 GCI shares, the most recent Securities and Exchange Commission filings show. That stock is worth about $13.3 million at the current share price. Of course, that's down from $24.1 million in March, just before the stock began its slow-motion collapse.
We won't know how much Sue Clark-Johnson was paid for 2007 until the next shareholders' proxy report is filed with the SEC around March. In 2006, however, she got $3.2 million, the March 2007 proxy shows. That included a $695,000 base salary; a $500,000 bonus (!), and $1.1 million in stock and option awards, the proxy shows.
Thursday, January 10, 2008
3 comments:
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HOLY COW!! I'd leave too with that kind of a nest egg, she's best off to quit and cash out before the value of her stock is only $12 million.
ReplyDeleteMaybe, just maybe, if the top execs, who seem completely clueless when it comes the new economy, weren't so intent on making out like Robber Barons we'd be in better straits than we are now.
And she's a piker alongside the other top executives!
ReplyDeleteI have to comment on this one on Mrs. Clark-Johnson. I don't believe she "owns" these 400,000 shares, only that she has that number under her control.
ReplyDeleteThere is a huge difference.
Most are in the form of stock options. Those, as you have correctly pointed out, have absolutely NO value today. That is, they are under the price they could be exercised at.
So, in fact, doesn't have millions of dollars coming her way from these options...unless the price of the stock goes up soon. If her options are anything like mine, they will expired a few years after retirement. And since most are "priced" at more than $60/bucks a share, the price of Gannett stock would have to go over that for them to have any value at all.
So, to be fair here, it's not like she'get getting a fortune to retire or anything. Most of those 400,000 shares may prove to be, unfortunately, worthless.