Today's actions also further highlight the need for major cuts in executive compensation at McClatchy's corporate headquarters. Simply declining undeserved bonuses or freezing bloated pay is not adequate, and is nowhere near the sacrifices rank-and-file employees have made. Workers have endured increases in health insurance premiums, the gutting of short-term disability benefits, a wage freeze and workforce reductions. It is past time for commensurate cuts to be extended to the millionaires in Sacramento. McClatchy executives should show the same commitment to preserving the company as it is requiring of its employees.
Before reducing executive compensation the board should explain to employees why Gary Pruitt still has his job. He's the guy who saddled McClatchy with $2 billion in debt -- who could possibly trust him to lead the company out of the hole he dug?