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Gannett CEO gets $250K raise

The new president of Gannett Inc. - former publisher of the Tucson Citizen and current owner of TucsonCitizen.com and partner in Tucson Newspapers - was given a $250,000 raise, says Gannett Blog.

The corporate gadfly website reports:

The board of directors has given newly appointed President and Chief Operating Officer Gracia Martore a $250,000 raise in her 2010 base pay, to $950,000 a year, the company just disclosed in a new regulatory filing. The board also granted her options to buy 100,000 shares, plus awarded her 25,000 restricted stock units.

The new chief seems to have done well, according to Gannett Blog:

Martore, promoted Monday from chief financial officer, had a major role in a series of cost-cutting campaigns that resulted in more than 5,000 layoffs and other job cuts over the past 18 months. A year ago, the board granted her 200,000 stock options as part of her 2008 pay package. Those options are now worth nearly $2 million, based on today's closing stock price. She can exercise those options in four equal annual installments, starting three weeks from today.

More than 60 people lost their jobs when Gannett stopped printing the Tucson Citizen in May.  Before the shutdown, the U.S. Justice Department conducted a months-long investigation into the company's attempt to sell or close the paper.

After the printing press stopped running, the company changed TucsonCitizen.com from a news site to a community blogging platform.

Gannett maintains its partnership with publishing chain Lee Enterprises in Tucson Newspapers, the operating agency for the Arizona Daily Star.

Support TucsonSentinel.com today, because a smarter Tucson is a better Tucson.

Dylan Smith was the Online Editor for the Tucson Citizen.

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Latest comments on this storyRead all 7 »

Feb 4, 2010, 11:59 pm
-0 +0

Luke Knipe typed:

Your CMS censors swear words?!?!  DYLAN, WHAT THE [****]?!?!

Like it says on the right:

Sometimes a well-placed curse word - if you’re creative enough to get it past our auto-censor - can express your point in just the right way. But we say ‘%*$& no’ to cursing for cursing’s sake.

; )

Feb 4, 2010, 7:59 pm
-0 +1

Your CMS censors swear words?!?!  DYLAN, WHAT THE FUCK?!?!

Feb 4, 2010, 7:58 pm
-0 +0

What the f-{censored }?

Sorry, we missed your input...

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