Gannett Co. (NYSE: GCI) chief executive officer earned a pay package increase of nearly 41 percent last year, according to an Associated Press analysis of a regulatory filing Thursday.
Craig Dubow received CEO compensation valued at $4.4 million, compared to $3.1 million the year before. However, it was far below the $7.4 million he got in 2007.
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Last year, Dubow's base pay fell 19 percent to about $942,000, reflecting a voluntary cut he took starting in 2008 and a companywide program of furloughs and pay cuts Gannett put in place last year.
However, Dubow, 55, got a bonus of about $1.5 million, up 66 percent from 2008. Among other factors, Gannett, which owns USA Today along with 80 smaller daily newspapers and 23 TV stations, said it took into account its earnings last year in setting the bonus.
Despite a 17 percent drop in revenue, Gannett earned $355.3 million in 2009, compared to a loss of $6.65 billion the year before.
Dubow also got stock and options valued at $1.8 million when they were granted, almost double what he got the year before. Other perks, including life insurance and 401(k) contributions, amounted to $173,850.
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