How much is Craig Dubow worth?

Dateline: Mon 23 Mar 2009

Only millions, of course. Thanks to reader/friend Jim Burns, who sent along an Editor and Publisher article, reporting that Gannett is "passing on its financial misery" by slashing CEO Craig Dubow's salary.

Here is the juice:

"CEO Craig Dubow was granted 2008 compensation valued at $3.1 million, based on The Associated Press' analysis of figures Gannett filed with the Securities and Exchange Commission Wednesday. That's down from 2007 compensation of $7.9 million, which included estimates provided by the company of restricted stock and stock options that overstate what they are currently worth.

"As big as the decline in Dubow's 2008 pay package was, it still fell short of the 79 percent plunge in Gannett's market value that erased $8 billion in shareholder wealth last year."

I find it disconcerting, but not surprising, that the Star's Daniel Lee today reports on "Bank officers' pay and perks ripe for review" in his Monday biz column. Would that the big dog policed itself and openly disclosed to readers its own financial shenanigans, we might all be better off.

But here is the bottom line: people are not fooled by Gannett or any other large company. My personal dream has come true: instead of an army of paparazzi focused exclusively on celebs like Britney Spears, etc., we now have a populist movement that has targeted the rich, hounding them in their driveways, taking buses to tour their rich homes, etc. (A.I.G. has been the most obvious target).

Gannett is under scrutiny. We all have that company's number.

Here is the link to the Editor and Publisher story...


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