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Mike Reed Sets Goals for New Gannett

Discussion in 'Journalism topics only' started by Readallover, Jan 19, 2021.

  1. DanOregon

    DanOregon Well-Known Member

    It does need to be pointed out that that video is from "old" Gannett (the one that sucked so bad they actually had to sell out to GateHouse).
     
    Mr._Graybeard likes this.
  2. hondo

    hondo Well-Known Member

    What I can never figure out is why shareholders are putting up with Reed's salary?

    "Mike ... you're presiding over a decimated industry. You lost $50 mill last quarter. Maybe you just suck at your job and $8 million is a bit too much to watch you fuck it up any longer."
     
    Fdufta likes this.
  3. rtse11

    rtse11 Well-Known Member

    The Gannett board members make between $200,000 and $250,000 for attending 8 meetings per year ... who not only approved his $900,000 salary, but a $700,000 bonus and over $7 million in shares in 2021 ... Those are the people you want to hold the CEO accountable?
    I'll say this much - I haven't seen anyone get paid while decimating an entire organization this efficiently since Trump took charge of the USFL owners room in the 80s.
     
    2muchcoffeeman likes this.
  4. MNgremlin

    MNgremlin Active Member



    Writing staff of 9 cut to 7. Circulation just under 9,000.
     
  5. JBHawkEye

    JBHawkEye Well-Known Member

    I found out the severance package for one of my friends:
    • One week's pay for every year worked there.
    • $3,000 "transition bonus"
    • Payment for any unused PTO.
    • Insurance coverage through the end of September.
     
    BurnsWhenIPee likes this.
  6. PaperClip529

    PaperClip529 Active Member

    A better package than I thought they’d offer, to be honest.
     
  7. Tarheel316

    Tarheel316 Well-Known Member

    Definitely. Maybe I should have waited to retire.lol
     
  8. Baron Scicluna

    Baron Scicluna Well-Known Member

    A lot better than years ago, when they dumped me. They only offered a supplement on top of unemployment for one week per year that I was there. And that was contingent on being eligible for unemployment.

    Of course, there were some people who weren’t eligible, and they ended up getting nothing.
     
    sgreenwell likes this.
  9. sgreenwell

    sgreenwell Well-Known Member

    I think I got my vacation and sick time balances paid out, along with a month's pay.
     
  10. Baron Scicluna

    Baron Scicluna Well-Known Member

    I might have gotten those too. I don’t remember. The “severance”, though, was a joke. I think they stopped doing it after my group of layoffs or maybe the group after me because they were getting ripped on for being a billion dollar company that was using taxpayer money as severance and wasn’t l even willing to offer their employees a proper severance.
     
  11. LanceyHoward

    LanceyHoward Well-Known Member

    Given the amount of money Gannett is losing I am surprised that the cuts announced so far have not been more draconian. I read an article where a union is tracking this and counted 35 layoffs at 20 papers.

    The company last 54 million dollars last quarter on a seven percent decline in revenues and has a lot of debt. They have to do some pretty major operational changes or just go ahead and file for Chapter 11. Firing a reporter here or reporter there is not enough.
     
  12. PaperClip529

    PaperClip529 Active Member

    I’d be interested to see how the newsrooms with unions were impacted. Gannett may have had to scale down the layoffs with newsrooms that had negotiated severance packages in place, and it may not have wanted the fight with the unions it is currently negotiating contracts with. I wouldn’t be surprised to see Gannett try to save money with adjusted budgets and not filling open positions.
     
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