Journalists at Newsquest reeling from round after round of cost-cutting and redundancies at the UK regional press giant can take heart from the fact that their ultimate boss – the chairman of US parent company Gannett – is sharing their pain.
Craig Dubow has vountarily taken a $200,000 pay cut on his $1.2m a year salary. According to Editor and Publisher, with bonus, deferred compensation, stock awards and options, Dubow’s total compensation is about $7.5 million.
He said in a memo to staff:
“All Gannett employees are making deep sacrifices for their company. I have great empathy for those employees and their families who have lost their jobs. I also recognize that our employees are working harder and harder to produce results in a challenging business environment.
‘But I firmly believe the steps we are taking now are necessary and will serve as the foundation for our future success. I want to thank all our employees for their patience and loyalty during these difficult times.”
Press Gazette watches with interest to see if the likes of Sly Bailey, Michael Pelosi and Tim Bowdler at Trinity Mirror, Northcliffe and Johnston Press will be following suit over here in the UK.