Hard to believe, but Gannett once offered buyouts to employees, including me, back in late 2007. This was before the mass layoffs of July 2009, when the company stopped offering even traditional severance benefits, replacing them with the transitional pay plan (TPP) that saddles taxpayers with the cost of GCI's downsizing.
While sifting through my safe deposit box this afternoon, I stumbled across the Dec. 11, 2007, letter USA Today gave me, confirming my buyout application had been accepted. Compared to the TPP, terms were generous: I got two weeks' pay for every one of my 20 years' service. Plus, I got medical coverage for those 40 weeks, and at company rates.
Still, generous as that sounds, of the approximately 170 USAT staffers eligible for buyouts that winter, only 43 stepped forward.
Here's the letter; click on the image for a more readable view:
Still, generous as that sounds, of the approximately 170 USAT staffers eligible for buyouts that winter, only 43 stepped forward.
Here's the letter; click on the image for a more readable view:
The most important detail in this letter is what's absent: A non-disparagement clause. Had that been included, it's unlikely you would be reading this blog.
ReplyDeleteWhy the no-disparagement clause? They were common in previous buyouts. I know someone who signed one of these and maintains it even today, a decade after departure. Anyone know of a case where a non-disparagement clause has been enforced by the courts. I would think it would fall on first Amendment speech grounds, or a legal fight over the definition of exactly what disparagement might be. I could see a lawyer arguing your efforts here are not disparagement, but honest criticism.
ReplyDeleteI have always wondered if execs like Craig Moon sign non-disparagement clauses when they leave. Do the execs also sign agreements not to take work with a competitor for a defined period of years?. If the non-compete clause is included, how did Saridakis get around it?
ReplyDeleteWhen Gannett bought Central Newspapers, Inc. (Arizona Republic and Indianapolis Star and a couple smaller papers) in 2001 (might be 2002 I forget) but several people were laid off within 1 week of the purchase and then got the same package as you did Jim, 2 weeks for every year of service no cap (I knew a couple of people that were there 30 years) and an additional $50,000. There were alot of people that were so pissed that they didn't get picked. It's almost hard to believe now, but back then Gannett was really rolling in the dough.
ReplyDeleteoops forgot to mention the 10:55 PM post were people I knew at the Arizona Republic.
ReplyDeleteThe buyout letter closes with the following:
ReplyDelete"We appreciate all your contributions while working at USA Today, and wish you well in future endeavors."
Then the next round offered 1 week of pay for every year of service, and I bit; 18 years. My salary jumped when I found a employment elsewhere.
ReplyDeleteI have always wondered if execs like Craig Moon sign non-disparagement clauses when they leave. Do the execs also sign agreements not to take work with a competitor for a defined period of years?. If the non-compete clause is included, how did Saridakis get around it?
ReplyDelete5/02/2011 10:35 PM
Are you a mental case.... GSI Commerce does not compete with Gannett, it's not even remotely the same thing. That's like saying Safeway and Ford are in the same business. Un Freakin Believable
I'm still amazed that all the fiscal watchdogs and budget cutters turn a blind eye to the TPP, that shifts the companies responsibility on to the backs of taxpayers. Easier to demonize social security, medicare and other "entitlements" (we pay into) than corporate welfare.
ReplyDelete