Leapfrogging onto the powerful Gannett Management Committee two months ago has been more than just good for Chief Digital Officer Chris Saridakis' ego. It's been good for his wallet, too! Rafat Ali at paidContent took a peek at the new proxy report to shareholders, and unearthed a seven-digit payment Gannett just made to Saridakis (left) -- one I missed in my own review last week. The company also disclosed that it's now doing business with a company co-owned by 39-year-old Saridakis. Here's what GCI says in the proxy:"In March 2008, we purchased for $4.6 million the remaining shares in Point Roll, Inc., a Gannett subsidiary, held by Chris Saridakis, who became our Senior Vice President and Chief Digital Officer in January 2008. The purchase price for the shares held by Mr. Saridakis was determined pursuant to the terms of an earn-out established at the time of Gannett’s acquisition of Point Roll in 2005."
The company continues: "Also in March 2008, we entered into contracts with Ripple6, Inc., an entity in which Mr. Saridakis holds a 10% interest, pursuant to which Ripple6 will provide approximately $2.2 million of computer programming services related to strategic plan initiatives. As our senior management was aware of his indirect interest, Mr. Saridakis did not participate in the negotiation of these contracts. Due to the immaterial amounts involved, the contracts were approved by senior management."
Way to keep it all in the family, Corporate!
Geez senior executives in teh filed have to sign an Ethics statement every quarter. They can get fired for accepting a gift over $25. How does this sweet, sweet deal square with the Ethics policy?
ReplyDeleteEthics statement at Gannett? Only for the working stiffs like us! Please, anybody look at this and explain to me how this guy elevated to this star assignment? Looks almost like he can outdo Dubow (although I doubt they offered him a security system for his house)taking every income into consideration.
ReplyDeleteWell,not any better than the one who was complimented out of the building last year due to non-performance. I forgot the idiot's name - that one with the bow-tie. Although I enjoy always the "announced his retirement" announcement Gannett sents via e-mail to all employees as an explanation. LOL!