$79 million
That's the scheduled payout for CEO Craig Dubow (left) and three other top executives, if they lose their jobs within two years of what's called a "change in control,'' public documents show; Dubow would get nearly half the total: $36.3 million. (Details on the other three execs, plus more, in Golden parachutes? The answer is: $79 million) With Gannett's market value falling dangerously low amid the stock's latest plunge, a reader suggested I remind you of these payouts. The lower its market value, the more vulnerable GCI becomes to the sort of takeover that would spur those seven-figure golden parachutes.
So he makes more if he gets the company sold regardless of the price? Wow. The BOD really earns those free lunches and limo rides with that sort of vision. We should give those guys a tax break!
ReplyDeleteI hope Craig is saving his pennies because his golden parachute might get yanked by the new Wall Street.
ReplyDeleteTHE NEW ROCK GROUP "THE ENRONETTES"
ReplyDeleteThere has JUST got to be a misplaced decimal point somewhere....
ReplyDelete7:05 keep politics out of this.
ReplyDeleteThe 79 million is rediculous. Jim, who are the other three executives?
No CEO who has done so much damage to a company should get such a thick wallet when they are terminated.
ReplyDeleteDumbow (spelling is correct in my opinion) should have been ousted a long time ago.
If the company has any hope of salvation, get the clown and his antourage out with no parachutes.
That is chump change. Bob Nardelli was paid over 200 million while CEO at Home Depot , leaving after driving hte stock down and walking away with a golden parachute. he later landed at Chrysler is about to get rich again when they merge with GM.
ReplyDeleteThere are a 100 more examples.
in the great depression, executives who'd destroyed companies killed themselves. today they retire with millions, leaving destruction in their wake. for every ken lay who gets prosecuted, there's a bunch of dumbows who rip their companies workers and stockholders off "legally."
ReplyDeleteThats 79 mil to much
ReplyDeleteSeriously people, you act as though the Board, Senior Mgt, and Dubow purposely destroyed the stock and company. It is in their best interest and all employees to keep a high stock price and keep the business profitable. This economic climate is BRUTAL. They are doing their best. Gannett has favored well compared to the industry.
ReplyDeleteIf I had one critical comment, it was the board's inability to buy more businesses with their cash vs buying company stock as it continued to slump. For some reason, the company has focused on Advertising Revenue based businesses vs. companies that make money and are a leader in their field. I know it was their comfort level, but surely there were other oppurtunities along the way.
And by the way, raising taxes on big business and small business will increase job losses. Companies will either raise prices or cut jobs to make the dough they promise Wall Street.
And...I am a mid manager and have no ties to Senior Mgt. If I lose my job, so be it. I'll find another one and do my best to take care of my family. Life is not fair and the sooner some of you learn that the better you will be.
Lastly. Hang in there. And keep doing your best. True fulfillment comes from within anyway.
Who posted 9:46P.M.? Was it Mother Teresa or Norman Vincent Peale's brother-in-law? Positive thinking is one thing. Crazy-ass thinking is somnething else!
ReplyDeleteRe 8:47pm: No they didn't. One or two people killed themselves during the Depression for such reasons, it happened to get a lot of coverage when it did happen, and became pretty much an urban legend.
ReplyDeleteThey still didn't get away with what they are today, however.
I wouldn't fire him, I would put him in a small, windowless room and task him with conducting a manual USAT word count. Make him quit like so many other GCI employees have been treated.
ReplyDelete"This economic climate is BRUTAL. They are doing their best," said a poster.
ReplyDeleteI realize they are doing their best. Their best isn't good enough, and it's time for a change.
The nerve of Gannett to accept a tax abatement and other assistance for the Indy shared service center when Dubow "earns" this kind of money. Maybe states and municipalities will start asking specifics about golden parachutes BEFORE they dole out money to help the corporations who seem to have plenty. Dubow needs to call Indiana officials, say he's reconsidered accepting the aid and send whatever Gannett's gotten back---pronto. ANY TAX SUPPORTED BAILOUT FOR ANY COMPANY THAT PAYS MILLIONS TO THE TOP DOGS IS A FARCE. WHERE'S THE OUTRAGE?
ReplyDeleteok folks - there's a difference between a golden parachute and change in control language, called a poison pill.
ReplyDeleteThe purpose of a poison pill is for a hostile takeover. In the event a company wants to buy Gannett, all outstanding stock grants and options (mostly worthless at this point) become immediately payable.
It makes the company much more expensive because all of those items become immediately payable.
11:13 PM
ReplyDeleteWhatever. To me, the process and words don't matter nearly as much as the outcome, and in this case, seems a few people are making tons of money at the expense of many. Cool. That's corporate America I guess. But when corporate America dips its greedy hand into public coffers, that's just wrong in my book.