[McCorkindale stock option sales, last month as chairman]
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Gannett shares closed at $2.11 today, down 95% since June 30, 2006, when Chairman and former CEO Doug McCorkindale (left) retired from the board of directors. He was the company's fifth chief executive, from 2000 to 2005, a period when the Internet exploded into an even greater threat to GCI's survival. Taking over as chairman, CEO Craig Dubow said of McCorkindale in a press release:
(BTW: The contact name on the press release is Tara Connell.)
Earlier: McCorkindale's gold-plated retirement package. Plus: Gannett's official company history
"Doug has been an invaluable mentor and a true leader. I have the greatest respect and admiration for him. And I want to sincerely thank him for all he has done for Gannett and for me."
(BTW: The contact name on the press release is Tara Connell.)
Earlier: McCorkindale's gold-plated retirement package. Plus: Gannett's official company history
No comments? Have we left you THAT slack-jawed?
ReplyDeleteMy comments are gutter language unprintable!
ReplyDelete$1.7 million profit in a 4 day period.
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ReplyDeleteToday's $2 stock price is McCorkindale's legacy. He borrowed to make acquisitions of minimal lasting value, and that debt has a pronounced impact on the company's balance sheet and credit rating today. Not only that, he used company cash to buy back Gannett shares at inflated, not undervalued prices. That money could have gone toward buying a piece of something lucrative, like Craigslist, Facebook or Food TV Network. Instead we got elevator advertising, no-name technologies and circa-1950 pennysavers.
ReplyDeleteI remember when McCorkindale met with the troops at the old headquarters in Rosslyn after his coronation as CEO several years ago. Packed audience in the only TV studio (remember the costly USA TODAY TV show venture that failed miserably?) At one early this- is-weird moment when he was talking about himself, he said how much he liked to play golf. That was about the only thing that stood out. Wonder if Dickey was in the audience at the time....
ReplyDeleteIt's strange to me that nobody yet has suggested that this guy color his hair or get a new hairstyle like some people did on the post about Martore and Connell.
ReplyDelete8:18, at least he got himself a set of veneers.
ReplyDelete