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Topic: Memos Sent to Romenesko
Date/Time: 3/21/2007 12:48:46 PM
Title: Commercial Appeal's voluntary separation plan
Posted By: Jim Romenesko
 
Memo from Memphia Commercial Appeal's publisher

From: Pepe, Joseph
Sent: Wed 3/21/2007 10:03 AM
To: MPC All EMail Users
Subject:

Date: 3/21/07

To: Employees of The Commercial Appeal

From: Joe Pepe

Dear Employees:

In the past year we have made significant strides expanding our "footprint" in the greater Memphis community and improving our production and delivery time to readers.

We expeditiously planned and published customized editions in Millington, Bartlett, Cordova, Germantown and Collierville plus added more resources at the DeSoto Appeal. Additionally, we created 9 advertising zones in an effort to provide smaller businesses cost affordable reach and frequency for their advertising messages. Many of our personnel have been assigned to the zoned editions to ensure we have the finest and most knowledgeable talent available for our zone initiatives. I sincerely believe that local news and advertising are the future of the newspaper industry.

Unfortunately, these efforts have not left us immune from the general decline of the market overall.

While we have implemented many cost saving measures, these steps have not been enough to stabilize our profitability.

Therefore, we are announcing a program for a voluntary reduction in workforce. Later today we will offer voluntary separation packages to certain employees who have completed 10 years of service with the company and will be 55 years of age as of April 2, 2007. The plan will provide a package of attractive benefits, including voluntary separation pay and a healthcare benefit subsidy.

Importantly, this is not a layoff; it is a voluntary separation plan. The option to accept or decline the offer is up to each eligible employee.

These are challenging times for the entire industry. After weighing all of our options against the financial and organizational objectives of The CA, I am asking for your understanding of this very difficult decision. We will make every effort to minimize the impact of this program on our readers and advertisers.

The Commercial Appeal will continue to serve the market with the high standards of quality to which this community is accustomed.

Sincerely,

Joe Pepe

President and Publisher

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