Diving deep into legalese, my reader cites this document in believing Dubow must wait until he turns 56. I believe he became eligible when he turned 55 last year. The reader's key comment is here. And my latest reply is here.
Why are we discussing it now? Dubow's next birthday is Oct. 26, when he turns 56. And there's growing speculation that he'll quit after that point. His most likely successor is Gracia Martore, named president and chief operating officer on Feb. 1.
Earlier: Dubow and Martore could receive millions, simply for walking away
Legal beagles, join our discussion! 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 think Dubow is going down in business texts as the prime example of how one executive can destroy a thriving company. His birthday coincides with the annual release of the ABC circulation survey, and my bet is this year's report is going to show a devastating loss of readership at Gannett's community newspapers. Robin will say this shows the impact of the recession, but I think it will be so bad there will be no other conclusion but that the cutbacks, layoffs, consolidations, etc. have resulted in a mass defection of readers and advertisers. Dubow is responsible. He took a stock worth $80 and turned it into one worth $13. His policies destroyed USA Today, once the nation's leading paper. And he dismantled profitable local papers that were the economic lifeblood of this company. In TV, he forced policies that dismantled news broadcasts at local stations, replacing some with nightly infomercials. So enjoy your birthday presents, Craig.
ReplyDeleteGracia? Hopeless. What a disaster.
ReplyDeleteSince our pension plan was frozen in 2008, was the executive retirement plan frozen as well? Or do we know?
ReplyDelete7:58 a.m.....You gotta be kidding! The execs never cut their own bennies. They cut the bennies of peons like you! And the real kicker is they get a percentage of the money they've saved the company! In other words, they feed off you.
ReplyDeleteGiving Dubow $19 million is the equivalent of giving Willie Sutton a free bank robbery.
McCorkindale. Dubow. Martore. Three reasons Gannett's where it is today. No vision. No plan. A lot of greed. What did Corky ride off into the sunset with? $250 million? Meanwhile we had repeated pen and paper shortages at my site.
Dobow's pay off ought to be illegal. I know it's not, but it should be. He and the rest have failed in their responsibilities to the shareholders and rank-and-file employees.
And they can't blame it all on the recession and Internet competition. The fact is that Gannett grew fat and lazy.
Dubow can't be blamed for what he was handed when Corky retired. Corky was the CEO who over spent and had no vision!!
ReplyDeleteTrue enough, 10:49 a.m., but sure did pay off for Dubow, didn't it? It makes no difference if he did a good job or a bad job. He still gets his pay day.
ReplyDeleteAnd that stinks!
Fat and happy old newspaper guys were and are still not equipt to handle today's media landscape. They simply have no answers. Once the phones stopped ringing and their margins shrunk, they didn't know what the hell to do. Still don't.....
ReplyDeleteRemember that Martore has always controlled Dubow. Martore walking away? Fat chance - she's said that GCI is her hobby.
ReplyDeleteIf they were smart, they would hire back Saridakis and have him take over this place. Wasn't he the successor for Dubow anyway? They should whatever it takes to get a real media and technology pioneer!
ReplyDeleteIf the Board of Directors reads this blog, and if any of the directors care about Gannett, its shareholders and its employees, please do not let another bean counter take the reins!
ReplyDeleteWe need innovation, quality and creativity.
Mine the brainpower of your current workers. And don't just give them the lip service that Gannett's so well known for.
Encourage people to come forward with their ideas. And no, Dickey, your "always open" email is not the way to do it! Especially since you don't respond.
This company has to change as other bloggers have said. The ass-kissing days are over. The dead wood - the executive ranks are full of that! - must be pruned.
Listen to your workers. There are likely a lot of good ideas out there.
Anon 4:34...Totally agree. Bring Saridakis back!!
ReplyDeleteSaridakis left the building with an escort and is not coming back. He got in his car, stopped off at the bank to make a deposit, and moved on. Gannett is the last thing on his mind these days.
ReplyDelete>>Bring Saridakis back!!<<
ReplyDeleteAnd ask him to be friendliest millionaire again? What did he do?
Saridakis couldn't even run Gannett Digital, how would he run the entire company? Please....we have enough ineffectual senior management and they are quite capable of screwing things up on their own. No help is needed.
ReplyDeleteWhat was that about Dubow sharing the pain when announcing Pressman pay cuts were only fair?
ReplyDelete