In an unexpected disclosure, the union representing employees of Gannett's U.K. newspaper division, Newsquest, says CEO Paul Davidson's most recent annual salary was $932,000, a figure that excludes the value of benefits such as stock awards.
The National Union of Journalists didn't say where it obtained the salary information, nor did it say what period the figure covered -- only that it was the most recent. Corporate hasn't disclosed Davidson's annual compensation since 2007, the last year for which his pay was high enough to require public disclosure under U.S. securities regulations.
Today, citing the figure, the NUJ said it has begun circulating a petition demanding that Gannett end a four-year wage freeze imposed on Newsquest's 4,300 employees. A Newsquest senior reporter with two years' experience is paid up to $32,000, the NUJ says.
In the U.S., across-the-board wage freezes generally ended more than a year ago as the company's overall finances grew more stable.
In 2007, Davidson got paid $730,000 in salary, according to that year's proxy report to shareholders. With stock options and a change in the value of his pension, Davidson's total compensation that year was $2.4 million.
Corporate's most recent executive compensation report, covering last year, was published two weeks ago. It showed that CEO Gracia Martore was paid $8.5 million, including an $882,692 salary; $1.6 million bonus; $2.9 million stock award, and $2.9 million increase in the value of her pension.
That was up from $4.7 million in 2011, an increase partly due to a one-time change in when certain stock compensation was awarded.
Newsquest publishes more than 200 newspapers, magazines and trade publications including 17 paid-for dailies.
Related: table shows annual 2012 pay to highest-paid executives.
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Today, citing the figure, the NUJ said it has begun circulating a petition demanding that Gannett end a four-year wage freeze imposed on Newsquest's 4,300 employees. A Newsquest senior reporter with two years' experience is paid up to $32,000, the NUJ says.
In the U.S., across-the-board wage freezes generally ended more than a year ago as the company's overall finances grew more stable.
In 2007, Davidson got paid $730,000 in salary, according to that year's proxy report to shareholders. With stock options and a change in the value of his pension, Davidson's total compensation that year was $2.4 million.
Corporate's most recent executive compensation report, covering last year, was published two weeks ago. It showed that CEO Gracia Martore was paid $8.5 million, including an $882,692 salary; $1.6 million bonus; $2.9 million stock award, and $2.9 million increase in the value of her pension.
That was up from $4.7 million in 2011, an increase partly due to a one-time change in when certain stock compensation was awarded.
Newsquest publishes more than 200 newspapers, magazines and trade publications including 17 paid-for dailies.
Related: table shows annual 2012 pay to highest-paid executives.
So what's the point? He is the CEO for the entire operation. What are you a socialist? Sorry that senior executives make money. Maybe if you'd applied yourself you would have actually been successful. Now you've been reduced to begging for money. Yea, you have petspective.
ReplyDeleteThe point is fairly simple: to post new information for my readers. I'm not passing judgement.
DeletePerspective
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteI remove posts that poke fun at someone's appearance.
DeleteJust to let you know Gannett Blog, the figure for Paul Davidson was taken from the last publicly published accounts for Gannett UK which shows the pay of the highest paid director for that subsidiary in the year to end of December 2011. There is nearly a year's time lag before the figures are disclosed in the UK.
ReplyDeleteAnd the point the NUJ makes in highlighting this is a) that while Davidson earns this stupid money, his journalists get barely a living wage despite typically having a university degree and working hugely long hours under massive stress
b)He has done nothing to grow the business but instead his only strategy is to cut huge numbers of jobs, attack the terms and conditions of his workers and destroy the reputation and long-term prospects of great newspaper businesses that he has done nothing to secure.
It should also be pointed out, Anonymous, for perspective, that Davidson has said nothing publicly to defend himself or the company in relation to the business over many years - to the extent he has become a standing joke with his staff as the "invisible man".
Having a blog like this to tell the world about the true corporate culture of Gannett is a useful function I would say.
And for the record Anonymous, I'm socialist. No problem.
Chris Morley
NUJ