Chief Operating Officer Gracia Martore got $8.2 million, more than double her $4.0 million in 2009, according to the new shareholders proxy report filed this afternoon with federal regulators. Her pay included a cash bonus of $1.25 million.
The proxy report to the U.S. Securities and Exchange Commission disclosed pay for GCI's six highest earners. The other four were:
- Chief Financal Officer Paul Saleh: $2.9 million; includes a $225,000 bonus, after joining GCI last November.
- U.S. newspapers president Bob Dickey: $3.4 million, including $600,000 bonus. (His total 2009 pay: $1.9 million.)
- USA Today Publisher Dave Hunke: $2.5 million, including $375,000 bonus. (Total 2009: $1.9 million.)
- Broadcasting President Dave Lougee: $2.2 million, including $450,000 bonus. (Total 2009: $1.3 million.)
Dubow's and Martore's pay last year is the most they've earned in a single year, a review of previous proxy reports shows.
Their seven-figure paychecks came despite a poor performance for the company's stock. Shares ended 2010 at $15.09, virtually unchanged from the end of 2009, when it closed at $14.85. During the same period, the widely watched S&P 500 index, a broader measure of overall market activity, rose 13%. Indeed, GCI's stock in 2010 underperformed competitors for the third consecutive year, the company acknowledged last month.
During 2010, GCI once more slashed payrolls. It eliminated 2,400 jobs worldwide, many through layoffs. Plus, thousands of employees were required to take unpaid furloughs early in the year -- a requirement that equaled a nearly 2% wage cut.
Earlier: forecasting big 2010 bonuses and pay for Dubow & Co.