Newsquest journalists who have been subject to a pay freeze and forced to take a week’s unpaid leave will be interested in this article from the Huffington Post detailing the bonuses worth $2m which are being paid to bosses of US parent company Gannett.
CEO Craig Debow is receiving $875,000 while the other four top exects are getting $300,000, $270,000, $245,000, and $260,000, respectively – the website reports.
Explaining why the bonuses are being paid in an SEC filing, Gannett says: “The committee does not rely on any one particular objective, formula or financial metric in determining appropriate short-term incentives, but rather on what we consider to be value-added quantitative and qualitative goals in furtherance of our compensation principles.”
Whatever that means – it seems odd to paying such lavish executive bonuses at a time when mass redundancies are underway because the economic situation is supposed to be so dire.
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