Gannett required its employees to take two weeks of unpaid leave this year, the same year that its former CEO Craig Dubow resigned, taking with him a hefty $37 million retirement package.
Now the Gannett Blog says another furlough has been mandated for the first quarter of 2012.
Meanwhile business goes on as usual for the upper crust at the company. While those who can least afford it are being required to take time off with no pay, Gannett announced Wednesday it was hiring a new official at a salary of $325,000 a year...with a $75,000 signing bonus.
On November 28, 2011, Gannett Co., Inc. (the “Company”) issued a press release announcing that Teresa S. Gendron had been appointed its Vice President and Controller, effective immediately. A press release announcing the appointment of Ms. Gendron is attached hereto as Exhibit 99.1 and incorporated herein by reference.
In connection with Ms. Gendron’s appointment, the Executive Compensation Committee of the Company’s Board of Directors approved a base salary of $320,000 and a sign-on bonus of $75,000. Ms. Gendron received options to purchase 15,000 shares and 10,000 restricted stock units under the terms of the Company’s 2001 Omnibus Incentive Compensation Plan (amended and restated as of May 4, 2010), subject to the Company’s standard vesting schedule.
George R. Gavagan, currently the Company’s Vice President and Controller, will become its Vice President and Chief Accounting Officer, effective immediately, and will continue to serve as its principal accounting officer. Ms. Gendron will assume the role of principal accounting officer upon Mr. Gavagan’s retirement, which is anticipated shortly after the Company files its Form 10-K for the 2011 fiscal year at the end of February 2012.
The company's news release made no mention of Ms. Gendron's salary or perks. Business as usual for Gannett.
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