Should Gannett CEO Dubow have been rewarded for company’s decline?

Words & Ideas | paidContent
Peter Lewis, who once was an employee at The Des Moines Register before Gannett bought it, writes that the compensation of departing CEO Craig Dubow is ironic —  he stands to collect $37.1 million in retirement and disability and his 2010 pay package was $7.9 million — considering how much the company has shrunk and lost value during his tenure. The company employed 52,000 people when Dubow became CEO; now it’s 32,000. Gannett’s stock traded at about $72 per share then; now it’s around $10. “Can anyone argue that Gannett newspapers and journalism are better today, and that news consumers are better served? … As revenue fell, and stock prices tanked, and product quality deteriorated, they rewarded themselves huge pay raises and bonuses.” Those figures are especially revealing, he says, when compared to similar figures for Apple under Steve Jobs. PaidContent’s David Kaplan writes that comparing a legacy media company to a tech company is a bit of an “apples-to-oranges comparison, pardon the pun. … But in a larger sense, placing Jobs and Dubow side-by-side clearly shows the opportunities on the tech side of the media divide and the misery on the content creation side.” || Related: In addition to the $37.1 million, Dubow gets an office, secretary, free tech support, life and medical insurance, access to Gannett’s plane and more. He has to pay by the hour for the plane. (Footnoted) || Earlier: What’s next for Gannett after CEO resigns, MomsLikeMe shuttered on same day (Poynter.org)

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  • Anonymous

    WEIRD, BIZARRE & ODD

    I could give a rip about Gannett and Gannettoids. I do care about intellectual rigor.

    Comparing Steve Jobs (RIP) to a Gannettoid is like comparing Einstein to a lab manager. Weird, bizarre and odd.

    Opinions are like butt-holes — everyone has one. Clear thinking is another.

  • Anonymous

    He should get whatever a disabled employee at the lowest rung of Gannett would receive.

  • Tom Kenworthy

    Mr. Dubow gets $15 million in disability pay for back and hip problems. A U.S. Army sergeant on 100% disability  gets about $32,000 a year. Driving a huge media company into a ditch sure beats driving a Humvee.

  • http://twitter.com/pwthornton Patrick Thornton

    From talking with Gannett employees, this was a sore point. They get furloughed while the people at the top get big bonuses.