Indy Guild fighting back on Gannett bosses' bonuses

Dateline: Tue 30 Mar 2010

Jim Hopkins of Gannettblog reported recently on the stunning salary/bonuses collected last year by CEO Craig Dubow -- a whopping $4.7 mil, up from the $3.1 mil he got in 2008. Other Gannett big cheeses also raked it in.

The Indianapolis Star Newspaper Guild 70 is not taking that information lying down; the following communication is from last week's electronic version of the Inkling, the Guild newsletter, sent to all current Guild members:

"WE'LL PROTEST:....The Indy News Guild intends to send correspondence to all the directors of Gannett protesting these perks. We strongly believe in capitalism and earning/keeping the fruits of one's labor - but not earning it by (to borrow an expression) climbing over the bloodied bodies of our employees -- and to the ultimate detriment of the company. The executives instead should set this money aside for, among other purposes, to help pay off Gannett debt."

The Guild is calling on all employees who "own even 1 share of Gannett stock" to send a message to Gannett's board of directors -- by voting AGAINST the re-election of the 10 directors, including Dubow. You can read more about the directors, stock, etc. on Gannettblog

While the above 'We'll protest" information was intended only for current Indy Guild members, it is shared here in a spirit of solidarity -- if you are a former employee who still owns stock, this is your opportunity to voice your disapproval as well. The stockholders' meeting is May 4; if you want more info on voting on other proposals, send me an email and I'll forward the Guild's message sent out March 21: "A 'No' to us; how about a 'No' to them?''

And if you don't have a financial bone in this beef, consider yourself better-informed about the behind-the-scenes efforts to oppose a "news" corporation whose only language is money and greed.


Tell The Truth [Member] said:

I own stock. I'm writing.

This is horrendous

2010-03-30 10:00:17

hendy [Member] said:

With all due respect to the Guild, it will make not one whit of difference. If it makes you feel better, bluster and turn red in the face, and wage an email campaign.

It is sad that it will do no good, but it is Quixotish to try. Sadly: no guts, no glory.

2010-03-30 10:12:14

Tell The Truth [Member] said:

I'll write, hendy. It takes ten minutes, an envelope and a stamp.

My oldest offspring works in the Investor Relations office of a Fortune 500 company. You'd be surprised how those stockholder letters do get some attention sometimes.

At her corporation, a gadfly director often stops in and asks for "a random sampling" of stocholder letters/opinions.

Before you ask, it's a media company.

2010-03-30 14:52:24

Marycatherine Barton [unverified] said:

It would be good to know the identity of the individuals who 'serve' on the board that voted to allow such unwieldly bonuses to top executives at Gannett. Are some of then also CEO's at other corporations, so that this is more of the same old back scratching. Indeed, there ought to be a law regulating the composition of these rubber stamp boards.

2010-03-30 23:16:46

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