Readers of this blog know McClatchy is the worst performing newspaper stock of 2007.
Today Forbes published an astonishing interview with Gary Pruitt. This sentence from the article tells you everything you need to know about Gary Pruitt: Pruitt said he remains bullish on his company and the newspaper industry.
As the saying goes, Insanity is doing the same thing over and over and expecting a different result. If I owned McClatchy stock I would not be happy that this guy is in charge. He's the one who navigated the disastrous acquisition of Knight Ridder, which saddled McClatchy with crushing debt and mired the company in print media instead of internet. I don't see anything in Pruitt's track record to show he has the judgment or vision to lead McClathy out of the deep hole it is in.
Previous posts on Gary Pruitt here and here.
UPDATE: 10:45: Blogging Stocks: "McClatchy CEO Pruitt doesn't get it."
