Television division President Dave Lougee (left) has sold an additional 10,625 Gannett shares he bought from the company earlier this month through options granted to him a year ago, a regulatory notice says. He's now sold 21,250 shares over the past month -- the maximum he could "exercise'' under this set of options.Lougee bought the shares from Gannett on April 7 for $3.75 a share -- the "strike price" -- then sold them that same day for an average $17.21 a share, according to this U.S. Securities and Exchange Commission filing. That resulted in a before-tax net profit of $143,013.
In his previous sale, on March 22, Lougee sold an identical number of shares at a lower market price: $16.18 each. His profit then: $132,069.
I missed this latest sale document when it was filed last week, and tripped over it only today after Gannett sent out what appears to be an errant notification of another SEC filing.
The sale comes amid a flurry of option sales by Gannett executives -- a total 68,000 since late February, according to SEC documents. A year ago, Lougee was awarded 85,000 options as part of his 2008 pay. They became his property -- or "vested" -- in four equal annual installments starting this February.
Investors watch these "insider'' trades for clues about how top executives view a company's financial prospects. A sale such as Lougee's could indicate he thinks the stock is nearing a peak. But it may also mean he's simply raising cash. (Today is income tax day, after all.)
That Dubow and Martore are worried about the chatter that Dave Lougee is looking to leave Gannett and has been looking at opportunities at a "large" network.
ReplyDeleteVery, very interesting, My Boss!
ReplyDeleteDefinitely true. Heard it from outside sources. Looks like there will be more news from the executive ranks. Bad news for Dubow and Martore.
ReplyDeleteThe days prior to annual meetings are most popular for GCI executives to jump ship, so Lougee's time must be coming soon!
ReplyDeleteI am curious to see how Mr. Dubow handles this years annual meeting. What will the highlight of his presentation be this year? Will it be the increase in Sunday circulation? Yippeee!!!
ReplyDeleteGannett is screwed and good people are leaving. Dave Lougee is a good guy and if he leaves, the broadcast group will be dead.
These rumors have been circulating for sometime, but I too have heard it from several sources that Dave Lougee is close to leaving.