Gannett just disclosed the big paychecks given to top brass last year -- including CEO Craig Dubow (left), who got a $1.75 million bonus on top of his $1.2 million in base pay -- the same as 2006. Amazing: no cut in bonus! Check out the screenshot (above) from the summary compensation table in the annual proxy report to shareholders, filed today with the U.S. Securities and Exchange Commission.
All in all, the board of directors is delivering a strong signal that it remains confident in Dubow and his team -- despite the fact Gannett's stock last year turned in the second-worst performance among major newspaper publishers I follow. Shares are now down nearly 50% from a year ago.
So, why a bonus for Dubow? Mainly, the 60-page report says, the board's compensation committee wanted to "recognize" him for "continuing to provide leadership and vision, developing and articulating the strategic direction of the company, and fostering an environment in which the senior management team was able to support and execute the strategy he articulated.''
Here's the full compensation table, showing stock awards and other goodies; click on it, for a more readable view. For all the footnotes, go to the proxy report, starting on this page.)