Gracia Martore, promoted last month to president and chief operating officer, got $4 million as chief financial officer -- more than doubling her $1.4 million in 2008. Her 2009 bonus: $950,000, this morning's filing shows.
The figures, disclosed in the annual shareholder's proxy report, came after Gannett shed more than 6,000 jobs during the year through cuts that included a broad layoff in July. The company also imposed two rounds of furloughs and a one-year wage freeze for employees in the U.S. newspaper division and elsewhere. Combined, those moves helped drive Gannett's stock to yesterday's close of $16.78 from a 2009 low of $1.85.
Martore's big pay increase was foreshadowed last month by a 50% boost in stock options granted to her by the board of directors over what she got a year ago. That followed the board's decision earlier in the month to promote her to president and COO -- a reward for her role as the prime architect of the cost-cutting drive that pulled the company from the brink of bankruptcy.
The company also disclosed annual pay for three other top executives in the document's summary compensation table:
- Bob Dickey, president of the U.S. newspaper division: $1.9 million, including a $410,000 bonus
- David Hunke, publisher of USA Today: $1.9 million; bonus: $355,000
- Chris Saridakis, the chief digital officer: $1.3 million; bonus: $330,000
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