[Insiders: Saridakis is most recent exec selling since late February]
Departing Chief Digital Officer Chris Saridakis today sold 24,000 shares of GCI acquired via stock options he received a year ago with his 2008 pay, according to a regulatory document filed just moments ago. The trade comprised the maximum number of shares he could sell from that lot of 96,000 options.
Saridakis (left) bought the shares from the company earlier today at the $3.75 "strike" price, then sold them for an average $18.09 a share, for a $344,160 profit, the U.S. Securities and Exchange Commission filing shows.He sold near the top end of today's trading range. GCI closed at $17.81 a share, down 1.3%, after trading as high as $18.28 earlier in the day, Google Finance says.
The options became his property, or "vested," in four equal annual installments starting in late February. They were among hundreds of thousands awarded to senior executives in February 2009.
Those executives have recently been selling their optioned shares in increasing numbers, an indication they may think Gannett's stock price is peaking. Since Feb. 26, SEC documents say, six executives have sold a combined 102,500 shares -- and at steadily higher prices, showing that some of them sold too early.
Two weeks ago, Saridakis, 41, Gannett's first chief digital officer, disclosed plans to leave the company, effective at the end of this month. Last week, he was named CEO of the marketing services division at GSI Commerce, an e-commerce company based outside Philadelphia.
In-the-know readers: Please correct me if I'm wrong on the following.
ReplyDeleteI believe Saridakis must surrender the remaining 72,000 of the 96,000 options awarded to him last year -- plus any from prior years -- when he leaves on April 30. Except in special situations, don't you have to be a current employee in order to exercise options?
the fat get richer
ReplyDeleteI believe Jim is correct, and the rest of the options expire on the date he leaves.
ReplyDeleteWhen you are worth over $100 million, who needs to wait another three years additional 72,000 Gannett stock options?
ReplyDeleteI agree with 9:41... this amounts to a rounding error in his check book. His new job will pay him 10x what he made at Gannett.
ReplyDeleteCan someone remind me of his accomplishments with Gannett? Bullet points are fine.
ReplyDeleteI am still surprised that neither Craig or Gracia have reached to anyone in Digital. They have been communicating to the entire Digital team through an SEC filing and a lame scripted audiocast interview with Craig Dubow.
ReplyDeleteIt sounds like they do not know what to say, but you would think at a minimum, these two "leaders" would actually get off their fat asses and head over to the 6th Floor of the USAToday tower and say "Hello".
We have seen and heard from Chris and our managers so much over the past two weeks since the announcement of his departure, that it makes us wonder why we are even staying in this company.
I have also heard from other people that work for Mr. Hunke and Mr. Dickey, that the executive team was "caught with their pants down" on Saridakis's resignation and that even this overpaid executive team has no clue what to do with him gone.
NO KIDDING! Based on the behavior of, and lack of communication from, Craig and Gracia (and the rest of the leadership), I am surprised the guy lasted this long at this place.
I have to say that my direct manager, who is a direct report to Chris has no idea what to do and keeps telling us "eventually we will hear from the higher ups as to what we should do going forward".
If I had as many shares as Saridakis, I too would sell every single one of them. Look at how this company has acted in the last few weeks. They are not leaders. They are hiding and hoping that they pass their time away.
10:31a...Why are you surprised? They have never visited our offices at Pointroll or Shoplocal and yet they talk about us as if they invented our businesses. We have been owned by Gannett for almost 5 years and never have they stepped foot in our office. Pretty scary when a company of only 300 people bring in over 15% of Gannett's entire earnings!
ReplyDeleteWe have come to the conclusion that there is no leadership at Gannett. Chris was here last Friday and gave a great speech that really rallied us up. People know Chris and look at him as our leader here and without him around, I am afraid that people like Jason Tafler and Vikram S. will lose their way. Both very good managers, but when Chris is around, he is approachable and will talk to anyone. He will be missed.
If he had waited just one more day, he could have made a sweet six grrr.
ReplyDeleteYes, can someone remind me of his accomplishments with Gannett? The same person is posting how great he is and say they will join him. The multiple praise posts are comical.
ReplyDeletehey 2:38a... email him at csaridakis@gannett.com and I am sure he will respond to you directly. When you get that response, please post it for us here. Don't be afraid, go for it.
ReplyDeleteWill csaridakis@gannett.com tell us he is posting all the great Chris reviews? What did he do at Gannett should be a simple response for his adoring brood.
ReplyDeleteI think we can agree once and for all that nobody is willing or able to clearly articulate his accomplishments.
ReplyDeletehey 6:12am...no response. E-mail Chris and ask him about his feats at Gannett, huh? Post here ASAP.
ReplyDeletehttp://www.gannett.com/about/multimediapresentations/video/08shareholders.swf
ReplyDeleteThis certainly answers my questions about his accomplishments!
That Gannett ad features the work of Michael Maness, VP of Innovation. The Gannett ad was about defining who the reader is and giving that info to an advertiser. CS saying "Bringing an advertiser to our mobile devices" is not a list of accomplishments. CS: "We are focused on who that person is" for advertisers was a goal he mentions, but that has been the case before he came over and stayed for two years. CS: "Info on what what person is doing on that website" in front of a whiteboard is his resume?
ReplyDelete