NEW YORK Nov 3 Gannett Co Inc's (GCI.N) chief
executive will take a voluntary 17 percent cut off his annual
pay as the largest U.S. newspaper publisher's advertising
revenue falls and it prepares to cut thousands of jobs.
"All Gannett employees are making deep sacrifices for their
company," said Chief Executive Craig Dubow, whose salary would
fall by $200,000 starting this month and going through 2009.
The comment was included in a memo sent to employees.
All company and divisional officers will have their
salaries frozen for 2009, the memo also said.
The news, which was first reported by former Gannett
employee Jim Hopkins on his company watchdog blog, comes after
the McLean, Virginia-based publisher of more than 80 local U.S.
dailies and USA Today -- the nation's largest by circulation --
gets ready to cut 10 percent of its newspaper jobs.
Gannett earlier this year said it would cut about 3 percent
of staff in its newspaper division.
Dubow's base salary, which will be cut, is $1.2 million a
year. His total compensation is about $7.5 million, counting
base pay, bonus, stock awards, stock options and deferred
compensation interest earnings, a company spokeswoman said.
Dubow volunteered the pay cut to the board, which accepted
it, said the spokeswoman, Tara Connell.
Gannett and other U.S. newspaper publishers have suffered
as the advertising revenue they depend on falls at
unprecedented levels, and as fewer readers subscribe to their
print editions and get their news online instead.
(Reporting by Robert MacMillan; Editing by Bernard Orr