The Richmond, Va.-based company said this afternoon it picked CEO Gracia Martore for her "strong financial and management experience, media and marketing expertise, and unique consumer insight that will help guide MWV's global packaging business."
The company's board currently has 12 members.
Martore, 60, was named Gannett's chief executive in October after working as the company's chief financial officer since 2003.
MeadWestvaco's non-executive directors got paid fees and other compensation ranging from $150,000 to $175,000 in 2010, according to the March 2011 proxy report to shareholders, the most recent published.
Martore also is a director of FM Global, a commercial and industrial property insurer.
As the lone Gannett executive on GCI's board of directors, she is not paid director fees.
In 2010 as president and COO, Martore's annual pay had an estimated value of $8.2 million in cash salary and stock options and awards -- nearly double what she got the year before. Her 2011 pay will likely be disclosed in the proxy report to shareholders next month.
The company's board currently has 12 members.
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| Martore |
MeadWestvaco's non-executive directors got paid fees and other compensation ranging from $150,000 to $175,000 in 2010, according to the March 2011 proxy report to shareholders, the most recent published.
Martore also is a director of FM Global, a commercial and industrial property insurer.
As the lone Gannett executive on GCI's board of directors, she is not paid director fees.
In 2010 as president and COO, Martore's annual pay had an estimated value of $8.2 million in cash salary and stock options and awards -- nearly double what she got the year before. Her 2011 pay will likely be disclosed in the proxy report to shareholders next month.
There goes another great American company down the drain.
ReplyDeleteI'm sure she'll suck as much money out of their shareholders as she can.
ReplyDeleteAnd why not?
After all, vaco is Spanish for vacuum!
Why doesnt Gracia focus on Gannett's turnaround before rubberstamping another CEO's whims?
ReplyDeleteThat is odd that someone this new in her role would be taking on additional responsibilities outside of the company. And the Gannett board had to approve it. Amazing.
ReplyDeleteCEO of MWV John Luke is also a director at FM Gobal. And so is Dr. Graham Spanier, Pennsylvania State University’s former president. What a tangled web they weave.
ReplyDeleteJim:
ReplyDeleteCurious about GM's appointment to the advisory board at Florence Crittendon. This might be an interesting thread. I can't find anything about it. As a well-known non-profit, wouldn't you think there would be some news or a listing somewhere on the web?
Wonder what her stipend is.
ReplyDeleteFM Global carries the liability insurance for Gannett. Incest?
ReplyDeleteThere's a bunch of stories here. But who really writes about the head of a media company? And who really cares?
ReplyDeleteI'd like to know. Starting my subscription to Jim's blog. I hope you'll investigate.
Are you implying that safe might not be on the advisory board of Florence Crittendon? I guess it is curious that she ommitted that detail from other Gannett corporate drivel.
ReplyDeleteHas it ever been mentioned before?
I looked. The name of the organization is even misspelled in multiple news releases. Florence Crittendon (wrong) is cited in several of her bios. This seems very odd if she is on the board.
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ReplyDeleteThe correct spelling of the non-profit organization for at-risk teenage girls is Florence Crittenton.
ReplyDeleteIt appears to have local affiliates around the country, operating under similar-sounding names.
This comment has been removed by a blog administrator.
ReplyDeleteThe proper name isn't even Florence Crittenton any longer. I wonder which board she is on, and I wonder why it's misspelled in her bio. Call me skeptical. Something isn't right.
ReplyDeleteWhen did she get named to this advisory board position? Where is the press release? What location does she serve? How much time does she devote?
Who would dare ask HRH?
If she wasn't heavily involved, what is the point of including that info?
ReplyDeleteShe should be on the board for at risk Ceos. To shareholders. sell short both.
ReplyDeleteGlad shes focused on us.
ReplyDeleteGood point. What is the purpose for including this information in her bio? Do executive bios require a splash of work for the common good?
ReplyDelete. Her companys earnings were down almost 20% last year and she's making more scratch doing what outside the company? Ballsy.
ReplyDeleteWait until you retire to develop off hour hobbies, Graciia.
So it's settled. No one cares. Ok. That's that. Sigh of relief from CP.
ReplyDelete