While GateHouse Media has squeezed every nickel out of the operation of The Carthage Press and its other newspapers, it was paying six million dollars to CEO Michael Reed in 2006.
A proxy statement filed today with the Securities and Exchange Commission shows Reed, who was formerly CEO of Community Newspapers Holding, received a $1.5 million signing bonus to come to GateHouse, as well as $4,299,000 worth of restricted stock shares, a base salary of $442,000, a $200,000 bonus, and $16,560 in "other compensation," for a total of $6,457,868.
Reed's overall compensation was down to a paltry $942,000 in 2007, according to the proxy statement. However, despite the plummeting of Gatehouse stock in 2007, Reed's bonus was increased from $200,000 to $350,000.
1 comment:
And the $16,000 a year men and women are in charge of reporting the news for Gatehouse.
The gulf widens.
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