The board of directors has given newly appointed President and Chief Operating Officer Gracia Martore (left) a $250,000 raise in her 2010 base pay, to $950,000 a year, the company just disclosed in a new regulatory filing. In approving the increase, directors cited her "continuing outstanding performance."The board also granted Martore options to buy 100,000 shares, plus awarded her 25,000 restricted stock units. The company did not immediately disclose the so-called strike price on the options -- the price at which an executive buys shares at a later date. That detail came in a second filing.
With the raise, today's filing says, Martore, 57, voluntarily agreed to give up $50,000 by reducing her 2010 base pay to $900,000.
Her new base pay doesn't include the value of any bonuses that typically boost overall compensation even higher; those figures won't be disclosed for another year. For example, as chief financial officer, Martore was paid a total $1.4 million for 2008, the most recent year available. Chairman and CEO Craig Dubow got $3.1 million, including base pay of $1.2 million, according to U.S. Securities and Exchange Commission documents. (Total 2008 pay for top earners.)
Promoted Monday from CFO, Martore had a major role in a series of cost-cutting campaigns that resulted in more than 5,000 layoffs and other job cuts over the past 18 months. A year ago, the board granted her 200,000 stock options as part of her 2008 pay package. Those options are now worth nearly $2 million, based on today's closing stock price. She can exercise those options in four equal annual installments, starting three weeks from today.
What's next: Executive compensation for 2009 due with next shareholder's proxy report, likely in mid-March
Outrageous.
ReplyDeleteThe filing says Martore, 57, voluntarily agreed to reduce her 2010 base pay to $900,000.
ReplyDeleteBig F!@#ing deal! She and the others have nerve accepting pay increase, when they have laid off so many of their dedicated employees! Damn her and all of them!!!
Oh for the love of god.
ReplyDeleteDon't this just beat all.
Shit.
I'd like to say this surprises me. But it doesn't. Absolutely infuriating.
ReplyDeleteThanks for reporting this.
Now we all know why the remaining workforce is on furlough. Didn't I mention before that one vulture is not eating another? There it goes. The Board of Directors in a supervisory position? Well, that confirms it: Nothing is as cozy as the vultures (Board of Directors)feeding of the carcass of Gannett! This clique is as worse as upper management.
ReplyDeleteShe is giving up $50K, wow - that suppose to impress us????? I would give up $50K, too, if I were a millionaire already. LOL!
They must have a hell of a party on the 11th floor in the glass tower. What's next? Paid strippers???
Let's hope her compensation includes a new official portrait.
ReplyDeletewonder how "nimble" she is? That was Craig's favorite word back in his early days...so glad to be out of gannett where I can say it is possible to be nimble and successful and yes in the newspaper business!
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ReplyDeleteGannett could buy 30 of me, a rank and file reporter, for Martore's salary--maybe more if they discount-shop for entry-level hires.
ReplyDeleteI'm betting she gets that $50K back, and more, the same way Craig got an $800k "bonus after making a big deal about taking a voluntary 22% pay cut. Window dressing. I'll be sure to send her a case of Ramian noodles and a "good luck" card. Keep up the good work Jim, you're the only thing that stands between us and a river of corporate BS
ReplyDeleteBig. F***ing. Deal. She must think she's a savior coming to the rescue; she's done nothing but help destroy this company. And it's time that she get a new mug shot.
ReplyDeleteThere are certainly better, more accurate photos of Martore. I've asked for them in the past, but was turned down.
ReplyDeleteJim, we're not inferring you provide better photos of her. That's her problem; she should be ashamed of herself that one was never updated, though we know there's not much room for improvement.
ReplyDeleteI'm sorry, does this mean the wage freeze is lifted? Great, because my review is coming up soon.
ReplyDeleteActually, I've heard from a few people at HQ that they've received raises this year - and the person was shocked considering the layoffs, buyouts, and furloughs. Management does WHATEVER they want to do. They always have; they always will. Gannett is poorly managed and does not give a SHIT about its employees. Never has, never will.
ReplyDeleteAnonymous said...
ReplyDeleteActually, I've heard from a few people at HQ that they've received raises this year - and the person was shocked considering the layoffs, buyouts, and furloughs. Management does WHATEVER they want to do. They always have; they always will. Gannett is poorly managed and does not give a SHIT about its employees. Never has, never will.
2/06/2010 1:31 PM
Couldn't have said it any better. So, a few chosen ones received raises and to hell with the rest of the workforce. I'll guess the Mafia pays their employees better. It clearly shows that upper management (because they are responsible for the raises) don't care about their employees. It's not more about doing great on a job - but who can kiss butt the best. Usually they are the types that can care less about how the company is doing - but then Gannett is full of "do nothings - I'll just show my face today and get a promotion anyway" employees. But that's what Gannett gets for hiring poor management and getting these people that couldn't survive one day at another company.
Wow! She's giving up more that I made last year? Bleeding the company dry comes to mind. I took a 9% pay cut due to furloughs WITHOUT the chance of bonuses. No one needs that much income, I don't care what you do. There is a word for people who prosper as others suffer: GREED, one of the Seven Deadly Sins (which by Wikipedia's definition, there are actually many more).
ReplyDeleteShe and all the executives at Gannett deserve their salaries. It is foolish of you to think that this management team has not done a good job. Just compare Gannett to your peer set. Who do you think is better positioned? Martore and the rest of the GMC have done an excellent job in a time when most leaders bankrupted their companies.
ReplyDeleteThis blog is slowly coming back to the old ways of beating on your leaders. If you do not like it here, then find another job.
Give her the workload of a Gannett reporter or editor and if she can do it for a month---no, a day---let her keep her high bucks. If she fumbles, fire her. I'm betting she couldn't do what most Gannettoids do each and every day.
ReplyDeletewho is this moron at 6:27? Great leaders don't preside over the destruction of a company they improve sometimes at thier own expense of blood and sweat. All Gannett seems to have is a bunch of greedy b**stds who continue to line thier own pockets at the expense of everyone and everything else!
ReplyDeleteStop drinking the koolaid and get your head out of your boss's hind end.
Here's a (more temperate) response to 6:27 a.m.:
ReplyDeleteDubow and Martore drove the company to the brink of bankruptcy by, among other things, taking on huge debt in connection with a stock buyback they engineered. Gannett spent $1.8 billion to buy back 28.2 million shares at an average price of nearly $64 each between 2005-2008, public documents show.
Why should either of them be rewarded for "saving" the company from a bankruptcy that they spurred in the first place? That's the kind of crazy corporate leadership we've seen in the banking industry over the past two years.
This blog is slowly coming back to the old ways of beating on your leaders. If you do not like it here, then find another job.
ReplyDelete2/08/2010 6:27 AM
What, upper management weasiling their way into the blog again?
So, they deserve their salaries and big bonuses, because they have done an excellent job in a time when most leaders bankrupted their companies.
And what is this excellent job? Furloughs, getting rid of workers without regard to their long and dedicated service (re. no severance - just transitional pay - i. e. sticking it to the taxpayer)? Saving on utilities, office furniture and supplies?
What about Advertising at Corporate doing their job and bringing back advertising to it's glory days? What about Content One? What about Market Development or the wunderkind Michael Maness, who disappeared into obscurity? No answer? Where are all these new fangled ideas and plans we heard so much about at each and every company announcement?
6:27 a.m. - your duplicity is for all to see.
And I didn't even include Jim's answer to your insulting comment. Bet you're one of the vultures who sees nothing wrong with bringing a company to it's knees. Well, everything will come to an end eventually.
Any person who is not outraged by what is going on in this company is either crazy or uninformed.
ReplyDelete3:54 PM--This is not just a problem just for Gannetoids. This company is sucking your tax dollars dry with the recent switch to the transitional layoffs. Taxpayers aren't laying people off. Martore and her gang are. I'm not beating them up. I'm just expressing outrage, and if you can't handle it, you're in the wrong industry.
Jim said:
ReplyDeleteDubow and Martore drove the company to the brink of bankruptcy by, among other things, taking on huge debt in connection with a stock buyback they engineered.
Agreed, and to 6:27AM...do you forget just how low the stock dipped last spring? $1.85 a share. Remember? Oh wait...don't remind you of that.
Gannett Stock began a free fall in April of 2007. Yep Gracia sure earned her big salary and bonuses as CFO and now President.
I hear John Stosel saying "Gimme a break".
Taxpayers aren't laying people off. Martore and her gang are. I'm not beating them up.
ReplyDeleteOk, 4:08 p.m., what are you telling me? Are you now against or for Gannett management earning their pay?
Let's agree on one thing: the last promotion was not a Gannett image saver. It looks hypocritical to pay someone (and I don't care who it is in upper management) so much money when Gannett is - according to management - so deep in the hole that they need furloughs, layoffs and transitional pay to keep the company afloat.
Best example are the President's Rings that were handed out last year - amidst the biggest layoffs Gannett experienced. I don't think that employees would have said anything if a whole group of people would have been awarded in for example the Advertising Department. But no, here we are shoving at again to upper management and the people who did the actual legwork received a slap on the back and a good review (without pay raise, because don't forget we were in a pay freeze re. Bob Dickey).
It's the same thing. Just another chapter and so prevalant at Gannett that even outside companies pay attention and comment.
>>I'm just expressing outrage, and if you can't handle it, you're in the wrong industry.<<
If that is what you tried to do, I would choose another venue. You failed miserably the first time.
And if I can handle Gannett I sure as hell can handle you! LOL!
Anonymous said...
ReplyDeleteI'm sorry, does this mean the wage freeze is lifted? Great, because my review is coming up soon.
2/05/2010 2:52 PM
Don't count on it. It's only for a few favorites or the ones who don't need a raise - not the common employee re. workhorse.
I got a promotion last year, too. And with it came more responsibilities and more work. I didn't even get a tiny raise. Just a pat on the back, which is nice, but doesn't pay the rent. I have two other jobs to make ends meet.
ReplyDeleteDubow made a big deal last year about how he was going to take furlough just like the rest of us (not that it hurts him). But Martore and other execs don't fall under the no-raises edict, I guess. The rest of us little guys are taking it for the team.
By the way, 6:27, I'd like to get another job. Any ideas? My friends who were laid off by this company still can't find employment, so it's not likely I'll be jumping ship.
This company threw my husband in the garbage can. They did not care what he did for it. They did not care that he took pride in the job he did, they did not care that their site was tops in production reduced waste and won many awards for print and a model for the country. They looked at his years of service and age yes age and decided we cut him we save money and not just him all the department heads with many years of service were forced out or brow beaten till they quit. Enjoy your money now, but watch your back. You could be next and they won't even blink.To the special people of the moment. Hope your smiling when you get #u#ked over and hope you have no family counting on you.And I wonder how do you sleep at night? You must be proud.
ReplyDeleteSounds like she has done an excellent job of negotiating for herself! She has definitely accepted the slightly lower base salary as a result of all of the other share options and bonuses that she receives.
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