revealed today it has awarded more than $1.4 million in bonuses to its four executives.
In addition, GateHouse, which was trading at five cents per share when markets closed today, reworked its severance agreements with CEO Michael Reed (pictured), CFO Melinda Janik, General Counsel Polly Grunfeld Sack, and Chief Operating Officer Kirk Davis.
While the GateHouse employees who will be shown the door when the centralized copy desks are implemented will be lucky to get two weeks of severance pay, the company's top three officers will be sitting pretty if they lose their jobs.
Reed will receive two years and three months in pay, which includes not only his base salary, but a monthly average of his bonuses of he past three years. For Davis, it will be two years of the same, while Ms. Sack will receive 21 months worth of salary and bonuses.
And those figures don't even include the fringe benefits, none of which are available to the hundreds of workers who will no longer be receiving GateHouse Media workers, thanks to the corporate decisions of these people who made sure, despite their singular lack of success and their continued drive to pull community newspapers away from their communities, they will be taken care of no matter what happens to their product and the company's bottom line.
CEO Michael Reed received an $800,000 bonus for 2011, according to the company's filing today with the Securities and Exchange Commission. Ms. Janik received $125,000, Ms. Sack $140,000, and Davis $350,000, for a total of $1,415,000.
The information is buried toward the end of a long annual report and certainly was not included in the news release GateHouse Media issued earlier today.
And while GateHouse's top officials continue to make sure their futures are assured, the newspapers that have made it all possible for them, including such local publications as The Carthage Press, Neosho Daily News, and Pittsburg Morning Sun, are struggling to make do with barebones staff, little support from corporate, and fewer and fewer connections with the local community.