In a blow to the Dubow team, Chief Digital Officer Chris Saridakis (left) is quitting after just two years in the job, according to a just-filed regulatory notice -- further underscoring the weak performance of Gannett's critical digital business portfolio.Saridakis, 41, told the company today that he plans to leave at the end of this month to "pursue other interests," according to the U.S. Securities and Exchange Commission filing. His decision follows weeks of rumors that he was on the way out.
CEO Craig Dubow hired Saridakis in January 2008 as the company's first digital chief, with a mandate to ramp up non-print revenues and profits. But Gannett's regulatory filings recently revealed that businesses assigned to Saridakis had failed to meet minimum performance goals for the second consecutive year.
The company doesn't have a replacement yet for Saridakis, according to technology website paidContent, which cites a "Gannett rep."
So far, Wall Street appears unconcerned. GCI's stock traded recently for $17.65 a share, up nearly 2%, on a day when overall markets have been down.
Ahead of meeting, bad timing
Saridakis is the youngest on the powerful 12-member Gannett Management Committee. He was paid $1.3 million in 2009 compensation, including a $330,000 cash bonus. In leaving now, he surrenders a raft of stock options awarded to him this year and last, potentially worth millions of dollars.
His departure pressures Dubow at a time when online and mobile rivals are sprinting ahead. What's more, the CEO's 2008 bonus was based partly on his having hired Saridakis, that year's shareholders proxy report says.
The timing of his resignation is especially awkward for Corporate. It comes a month before the annual shareholders meeting, May 4 -- a high-profile occasion for Dubow (left) and other top officers to showcase Gannett's accomplishments.Saridakis's tenure hasn't lacked controversy. After he was hired, Gannett bought out his stakes in advertising services firm PointRoll, where he had previously been CEO, and in consumer behavior tracker Ripple6. GCI said it gave the businesses the same scrutiny it would have paid if they were unaffiliated with the company. Still, the deals suggested Corporate was piling too many resources into Saridakis.
Last year's cryptic e-mail
Saridakis has long been the subject of rumors that he was on the verge of quitting. A year ago this month, when speculation said he was about to jump ship, Saridakis told me in a slightly cryptic e-mail: "I am still employed as the Chief Digital Officer at Gannett and continue to work with my very dedicated team to execute on our plan to grow the revenues and diversify Gannett’s businesses."
The note left me wondering about the level of enthusiasm he felt for his job.
Earlier: In Saridakis, a new generation jockeys for power
Where should Gannett head next on the digital front? Please post your replies in the comments section, below. To e-mail confidentially, write jimhopkins[at]gmail[dot-com]; see Tipsters Anonymous Policy in the rail, upper right.
I have to say that he is a really good person. I like working with Chris. Big loss for us. Congrats Chris!!!!
ReplyDeleteA few weeks ago, rumor central had Saridakis going to Google. But that's ALWAYS the company people mention, since it's such a high-profile company, and a much sought-after destination.
ReplyDeleteSaridakis's departure renews my interest in other recent speculation about possible changes in management at advertising consortium quadrantOne.
ReplyDeleteI'm sure Chris was a great guy, but this was his first jaunt into the newspaper biz. I'm sure Alan Neuharth would agree with me that someone with an equally strong sense of journalism as well as digital should be in a role like that. If Gannett is really serious about the Internet they should be trying to recruit someone like the interactive director of the St. Louis Post-Dispatch, Will Sullivan. Sullivan who has done practically every role in newsrooms from Toledo to Chicago to Florida to Australia is one digital journalist to keep an eye on. The guy is relatively young but he gets it. Sullivan is also the founder, editor and publisher of the Journerdism Web site. This guy was twittering before most people were even using FaceBook. Of course if Will is half as smart as I think he is, he would run the opposite direction if Gannett came calling.
ReplyDeleteFrom my experience with Gannett, anyone who is above the role of section editor generally doesn't appreciate good advice and makes an effort to do the exact opposite. Oh well, R.I.P. Gannett. Most daily newspapers will have very scant readership and market penetration within 10 years. If anyone seriously doubts that, just look at the ABC reports and run the numbers. Numbers don't lie.
I do find a sense of satisfaction and pleasure in watching Gannett's demise. Too many good, talented employees have gotten the shaft over borderline incompetent people who are simply still employed because they are too simple-minded or afraid to have, offer and push innovative ideas.
Whoever they pick as a replacement will need a lot of operational experience at a big company. I do wonder, though, whether Jack Williams has an inside track. What do you think?
ReplyDeleteWho is "Alan" Neuharth?
ReplyDeleteA reader who tipped me off to Saridakis's pending resignation told me in an e-mail recently:
ReplyDelete"Where there are problems with digital, [they] are not his
'problems,' so to speak. They are dependent on Dickey, Williams, Lougee and Hunke and their local sales efforts. What he controls is growing rapidly, but his LTIP program, as you highlight, is dependent upon other groups and was based off of a 2008 budget developed prior to his arrival."
I have a little bit of second-hand visibility into Gannett Digital. From my perspective, they rolled all of digital into one division so they could hide how disappointing everything but Career Builder has been. From what I see/hear, there is a lot of confusion and just plain crap into trying to force the rest of the company into using some of these other digital "acquistions". Staff out at the other properties pretty much hate most of them, because they are hard to implement, don't do as good a job as other available options, and as a result of course they don't meet their targets. Nor have I seen a lot of evidence that corporate takes the feedback from the entities about the shortcomings of those products and does very much about them.
ReplyDeleteHaving said all of that, Sardakis may have quit just because he realized that he couldn't hit his numbers to qualify for bonuses, and felt he could do better financially for himself elsewhere.
For instance, Gannett's propietary search engine just plain sucks. One Gannett webbie of my acquaintence uses Google instead to search their own Gannett property site when they need to find something. A local newspaper even taunted that Gannett property in print recently for finding it impossible to find anything on their website.
ReplyDeleteEven USAT uses Google, ffs, but everybody else at Gannett properties is supposed to use the in-house piece of crap.
Chris...PLEASE PLEASE take me to where you are going!!!!
ReplyDeleteI have worked with Chris at PointRoll and I have to say that this is a truly sad day for us here. I agree with the other posters that this is a loss. He has so much energy and passion for what he does and has been a great inspiration to all of us.
ReplyDeleteYET ANOTHER OF CRAIG MOON'S RECRUITMENTS GETS SHOVED ALONG HIS WAY...
ReplyDeleteMaybe he felt he should have been named CEO instead of Gracia.
ReplyDeleteGood guy...sad to see him go. We are screwed.
ReplyDeleteHe was this company's great white hope, and the only one at the top who knew enough about technology to be able to guide a company like Ganett into the future. This, for me, is the most disappointing news the company has generated in years because it signals these guys at the top have no idea what they are doing, except cut TV staffs and community newspapers.
ReplyDeleteI, a Gannett Digital employee, liked working for Chris. He pushed for better relations with and reaction times for the local markets. In reality, we are all losing out. I am sad to see him go and hope we can continue with the momentum he helped GD gain.
ReplyDeleteGiven how long rumors of his departure circulated, it's a bit alarming that Corporate didn't have a replacement lined up to announce concurrent with Saridakis's resignation. That suggests, in no particular order:
ReplyDelete1. Corporate is having trouble recruiting
2. The company is rethinking the role of chief digital officer
3. It thought Saridakis might stay after all, then was caught by surprise today when he bolted
4. ???
I was skeptical of Saridakis in the beginning, but I have been impressed with his leadership. He has impressed my team and is a truly unique executive that Gannett will miss. I wish they were able to keep him.
ReplyDeleteJim,
ReplyDelete4. Craig Dubow and Gracia Martore are clueless and have no idea how to run a company.
To let this guy leave is stupid. What are they thinking????
I'd bet on 4. ???, and I'd bet this is big.
ReplyDeleteSounds like the guy was popular with his staff. I only wish all those big flashy dancing obtrusive ads would have been popular with a news reading audience. Never met a single reader who enjoyed being bothered by 'em, no matter how splashy they were.
ReplyDeleteAllow me to refute the silly and obviously uninformed comments from Anon 2:53:
ReplyDelete-- Someone with content experience [at least not newspaper content experience] is exactly who you DO NOT want in the position being vacated by Chris Saridakis.
-- I'm sure that "Alan" [wtf?] would NOT agree with you.
-- Will Sullivan is EXACTLY the type of newspaper content person that you WOULD NOT WANT setting digital direction for a Fortune 500 company. OMFG what a train wreck that would be.
Until newspapers begin drawing on strengths that made them popular (LOCAL NEWS and AD OFFERS), they cannot build loyal readers online or nurture new loyal readers online. And did I mention -- the money won't be there without the readers? There's no brand sharing. Look here: http://www.indystar.com/ Oh yeah...that must be the newspaper? Why would you NOT want to take advantage of an established, credible, trusted brand??!! The digital guys just don't understand what made the communication giants great and who pays their very big salaries. They play with fonts and colors - no substance there.
ReplyDelete"The digital guys just don't understand what made the communication giants great and who pays their very big salaries. They play with fonts and colors - no substance there."
ReplyDeleteI'd add ethics and credibility are the bare minimums that made the communications giants great. The lack there of is what's hurting Gannett.
As a former TV employee....who was lucky enough to get a job with another company (much better), all I've seen is people doing 4 and 5 times the work they are used to doing and everything is getting done half way. I'm not at all impressed with Dubow....he's made a shamble out of this company...I don't care if the stock is up.
ReplyDeleteThis is a real tragedy which shows the extent of in-fighting going on in the senior levels of the Crystal Towers. Yes, he failed to meet his goals, but digital was heading in the right direction and, if they do nothing, should improve in coming years. But I doubt they will let that happen, and whoever is appointed digital officer won't have the same clout Saradakis had.
ReplyDeleteCraig Dubow...this guy was promoted to CEO because he could write a query...please from Austin to Atlanta to Corporate...has anyone ever gone back and run the numbers on the stations he ran...PITIFUL!
ReplyDeleteSo now the digital transformation has come to a screaming halt, where will the brains at the Crystal Towers turn next? Looks to me like it's going to be cautious adoption of technology as it comes along, such as the IPad. But innovation is out, and someone thinking of bigger pictures need not apply. I expect there will follow a departure of digital staffers. The Old Guard wins, again.
ReplyDeleteSaridakis is a great mentor and I enjoy working with him. Big loss for us. He has done a great job pushing people in the executive ranks to move their asses.
ReplyDeleteI guarantee many of the other GMC members are breathing a sigh of relief now that Saridakis is off their backs.
Overall, this is a ba sign for Gannett. I really respect Chris and he has shown a passion for business more than any I have worked for.
I work at Gannett Digital and as a staff person that is four levels below Chris, he has taken the time to speak to me and get to know what I do many times. Oftentimes he would stop by my desk and ask me questions about our what we are doing and if he can help. A great motivator to all of us.
ReplyDeleteHe took a real interest in our business. We are all sad to see him leave.
Jim,
ReplyDeleteThis really is tragic for us. Worse off, I can't imagine that, for Dubow and Martore, the board would be happy with his departure. I worked with Chris on a few client projects and he was impressive with his strategy and his knowledge of the client.
We won the business twice and I really believe we had no shot, but he made it happen for us!
Buzz around th office is that he will be a big void here.
I work at WUSA9, Gannett's DC station, and once again we see how high level managers leave the sinking ship after the bullshit they:ve been feeding us in the trenches continues to stink worse than ever. We've been told by our GM that ratings don;t matter that the internet and web will save us. No wonder they spout this crap, we;re in the ratings basement and the incompetent managers, and high school journalists keep us there. All this does is make sure we run the cheapest operation possible with no hope of ever competing but it saves the incompetent managers at the expense of real journalists who actually work hard to provide for their families.
ReplyDeleteWhat exactly did he do when he worked for Lehman Brothers and Reuters, anyone know?
ReplyDeleteSeems he jumps around a lot.
Does anyone know where he is going??? The suspense is killing us!
ReplyDeleteWhat does this say about the Gannett leadership that remains? At one point, I really believed Gannett was on the right track, but with this departure, I feel we are now going backwards.
Saridakis was the Director of New Products & Business Development for Enterprise Solutions at Reuters America, Inc. During his tenure there, he oversaw a global sales team and managed 20 products in development. Saridakis also worked at Lehman Brothers Inc, as the Assistant Vice President for the Central Funding Desk.
ReplyDeleteGannett is totally screwed with Saridakis gone. Seriously, people really like him. He definitely is tough, but incredibly smart. There is a reason why he is successful. He surrounds himself with smart people and they all work well together. The top guy in charge of Gannett's national digital ad sales is Andy Jacobson. Andy worked for Chris at Doubleclick. Andy Jacobson just brought in three other people that all worked with Chris at Doubleclick. Look at his entire team at Pointroll. They are all selected by Chris and work closely with him.
ReplyDeleteShouldn't Gannett be worried that all of his people are going to want to jump ship? I have heard that the Pointroll people are really shocked and worried about their future.
I find it really perculiar that neither Craig Dubow or Gracia Martore have come out and said anything. If Digital is so important, then how do they explain this new disaster? Why are they keeping so quiet? Were they totally blindsided by this announcement? Clearly this guy was liked by a lot of people. The problem is how do you replace someone that I this well liked?
ReplyDeleteAnon 10:43 nailed it. As a PointRoll employee, I can tell you that we are all waiting our turn to "talk to Chris". We want out.
ReplyDeleteI never spoke to Saridakis, but I can tell you that his direct reports leave a lot to be desired. They're big on making the "deal," but short on any strategy to drive results toward those goals. Listening to them talk is like an exercise in buzzword bingo, and they always, ALWAYS have a reason why failure is someone else's fault.
ReplyDelete2:53 here: Bwahahaha!
ReplyDeleteMy point has been proven about Gannett and its interest to recruit people with new ideas and actually innovate. The old guard is ridiculously apathetic about new ideas that divert from the "binder."
As for the "Alan" Neuharth reference: It's absolutely fascinating how the old guard reacts when someone tarnishes "His" name.
My assessments about the long-term future of this company stand: It's niche is eroding and will be almost completely gone within the next 10 years without some sort of miracle. Again, the numbers don't lie. Plus, reduced revenues mean: reduced employees, cheaper employees, less talent, less opportunity to cover local.
Saridakis is the man!
ReplyDeleteInside track to Jim Lenehan.
ReplyDeleteI worked in Gannett Digital, many levels down from Saradakis. I can tell you that based upon some of the ridiculous, boneheaded decisions that came down from Corporate, and the resulting absurd direction we were given by our own management, that he did not have as much influence over Digital as we thought he would have had when he came on board.
ReplyDeleteIt sounds like Saridakis is out of Gannett's league - as in way above. Smart man for leaving.
ReplyDelete9:41a...so true. This place will kill anyone with an idea or a passion to win. Gannett is all about mediocrity!!!
ReplyDeleteThanks, Amir, for telling me his job titles at Lehman Brothers and Reuters. I already read that, but thanks. Can anyone out there tell me what he actually DID at those two places, or better still, what he accomplished?
ReplyDeleteI still say this guy jumps around a lot, so why would his departure surprise anyone at Gannett? Why wasn't Gannett prepared by having a replacement wating in the wings?
The best predictor of future behavior is past behavior.
He joined Doubleclick in 1997 and left 2002. He joined Pointroll in 2003 and is leaving that business and Gannett 2010. Not many people in the digital space are that dedicated. I think it is typical that people who start business and grow them have a 5 year shelf life and then they move on to other projects.
ReplyDeleteThis is not a newspaper guy who stays at a company for DECADES and complains about it every day.
People like Saridakis make sh*t happen and move onto to other opportunities. They build, they hire, they sell and the cycle starts all over again.
Part of the problem is that corporate America believes that smart entrepreneurial people need to dedicate their lives to their one job. Not the case anymore. You cannot innovate in corporations.
I know Chris very well and if you look at his businesses that he built even between Doubleclick and Pointroll, he has hired over 1,000's of people while building successful, industry leading AND highly profitable businesses. Who else in Gannett has done any of that??? Seriously.
11:01 AM
ReplyDeleteThanks. If you know him that well, can you please tell me what he accomplished at Reuters, Lehman and now Gannett?
Anon 11:33a. Why don't you email or call him yourself if you are dying to know.
ReplyDeleteHe responds to me in email and he has no idea who I am. Try it out.
5:28 PM
ReplyDeleteIt's 11:33 here.
Sorry. I thought from your posts you knew not only about the guy's business successes, but his corporate successes as well. I believe there's a huge difference between running a business and functioning successfully as part of a corporate giant.
Sounds like a nice guy, but how does he pull down those kind of bonuses for not meeting goal? It's the same all over the newspaper business. Big money for zero results.
ReplyDeleteNobody has solved the revenue side of digital at any major media company - really at any company. The cost to profit numbers are so out of whack. And "it's new" doesn't work anymore as an excuse.
I guess the new digital strategy at Gannett is to outsource to sweatshops like Demand Media.
ReplyDeletehttp://www.latimes.com/business/la-fi-ct-demand8-2010apr08,0,7380225.story
A lot of really good senior executives have left Gannett recently for far better jobs. This just hurts morale further. If you are really good and someone offers you a great job, why would you stay? For less money, no bonus, and more furloughs? Sad.I wish them all well.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteAre you nuts? The last thing Digital needs is somebody with newspaper experience leading the way. Gannett is a media company. Not a newspaper company. That's not just marketing hype. The next GD lead needs to think outside the newspaper/tv box. Gannett lost out years ago on all sorts of blogs ripe for the taking. TMZ anyone?
ReplyDelete