That's down from No. 370 in 2010 in the annual Fortune 500 rankings of the biggest companies, as GCI's revenue dropped again amid continued weakness across the newspaper industry.
The company's No. 415 rank, with $5.5 billion in revenue, came on the magazine's new list, published yesterday. Ten years ago, GCI was No. 288, with $6.2 billion in 2001 dollars.
The Fortune list is based on annual revenue, and is almost entirely symbolic in importance. Still, at a time when GCI is refashioning itself through a new corporate branding campaign, the slip in the Blue Chip list is cause for reflection on the company's future prospects.
In the list out yesterday, Walmart once more ranked No. 1, with $422 billion in revenue, well ahead of No. 2, Exxon Mobil, with $355 billion. At the bottom of the list: Seaboard, a conglomerate with $4.4 billion; it's better known as owner of the Butterball turkey brand.
Although GCI's revenue fell just $100 million last year from 2009, the company dropped 45 places on the 2011 list as other companies' revenue surged higher.
GCI's rank and revenue during the past five years, Fortune says:
The Fortune list is based on annual revenue, and is almost entirely symbolic in importance. Still, at a time when GCI is refashioning itself through a new corporate branding campaign, the slip in the Blue Chip list is cause for reflection on the company's future prospects.
In the list out yesterday, Walmart once more ranked No. 1, with $422 billion in revenue, well ahead of No. 2, Exxon Mobil, with $355 billion. At the bottom of the list: Seaboard, a conglomerate with $4.4 billion; it's better known as owner of the Butterball turkey brand.
Although GCI's revenue fell just $100 million last year from 2009, the company dropped 45 places on the 2011 list as other companies' revenue surged higher.
GCI's rank and revenue during the past five years, Fortune says:
Thanks for this breakfast wakeup call I got today. It just shows how corporate has driven what was once a great company into the ditch. It has happened much quicker than I thought thanks to these muldoons who think they have business expertise, but have none. Spending on lavish new office buildings and accumulating massive debts while beggaring the internal core of the company was crumbling is just one example of the waste. They failed miserably to take advantage of the new economy, and now they are paying the consequences. In the last 5 years, they've lost more than $3 billion with no sign anywhere of the prospect of a turnaround.
ReplyDeleteMaryan Banikarim has brought in executives from ABC to review Robin Pence and they are conducting interviews throughout Gannett. Unemployment may be within reach soon for Ms. Pence.
ReplyDelete7:42, Maryan has the sense to see how much waste has been sitting around Corporate.
ReplyDeleteI hope that's true. As discussed here at length, that branding campaign was an expensive mess and did absolutely nothing for revenues. As a branding expert, it also did nothing to make Maryan's marketing tasks ahead any easier, and she needs to show it. If she comes up with the magic theme that knits together this company and sketches out a viable future, she'll be golden.
ReplyDeleteVery sad and disturbing, considering how well everything was (and how happy people were) at Gannett 5-10 years ago.
ReplyDeleteThat list is more than symbolic. Fall off the 500 list, and they talk about you negatively in the golf clubhouse and your fellow congregationalists shake their heads in sorrow and shame when you go to church. It's a certain sign you are no longer among America's elect, and a condemnation worse than hell.
ReplyDeleteCouldn't agree with 6:07 and 10:47 more. I have such great faith in Maryan. Praying she can turn this mess around and shake things up in what used to be a respected company.
ReplyDeleteOK, so I'm looking at the declining Fortune 500 ranking for Gannett.
ReplyDeleteNow tell me again why the top executives deserve those obscene bonuses?
Yes sir, the raises and bonuses. What have Dubow, Martore, Dickey, Hunke, etc. done to deserve greater compensation? Slashing employees simply should not translate into bigger checks for these bozos.
ReplyDeletexxxThe Fortune list is based on annual revenue, and is almost entirely symbolic in importance xxx
ReplyDeleteNot at all, Jim. Ranking with the top dogs is how corporate's salary consultants (paid, of course), justify top dog salaries. If they fall from the top ranks, they are going to have to accept lesser salaries of the puppies and less prominent companies.
2:04 That may well be true.
ReplyDeleteBut "Fortune 500" does not appear in the annual reports to shareholders describing criteria for executive pay.
Short of a significant acquisition, Gannett’s days in the Fortune 500 club are numbered.
ReplyDelete7:42 ABC, the network? Or some other entity?
ReplyDeleteJim -- audit bureau of circulations, maybe?
ReplyDeleteI work for Gannett...this is not news.
ReplyDelete