Monday, March 9, 2009

McClatchy slashes pay for CEO Pruitt and other execs

McClatchy announced it is cutting compensation to CEO Gary Pruitt and other corporate executives. Among the cuts:
  • Gary Pruitt's base salary will be reduced by 15%
  • other executive officers' salaries will be cut by 10%
  • no bonuses will be paid to any executive officers for 2009
  • cash compensation paid to its directors has been cut by approximately 13%
Thanks to readers who sent this to me. (Photo credit: AP/H.W. Chiu)
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16 comments:

Anonymous said...

Not to worry MNI I got your six!

In British fashion visualize a day when there are two major newspapers that service say California, one from the right, the other the left.

Then there would be one like The Guardian (hear MNI)to serve the Trotskyites and Anarchists, and one like the Sun to serve the sex starved and Hollywood morons.

Anonymous said...

Hey, MNI could save money and it’s been done before!

Look at the staying power over the period of almost a century of Pravda and Izvestia!

Anonymous said...

Laid Off? 10 Tips For Suddenly Unemployed Journalists

According to the excellent PaperCuts newspaper layoffs tracker, more than 20,000 jobs have been cut from American newspapers since the beginning of 2008—more than 3,500 in the past two months.

That quickening trend is going to continue as the industry's spiral worsens and more newsrooms are cut back and/or papers close.

Anonymous said...

'bout damn time! I love how these guys were last on the list to get cut!

Anonymous said...

HACKS CAN DO A BETTER JOB

Union Floats Proposal to Buy San Francisco Chronicle

The union representing employees at the financially troubled San Francisco Chronicle has asked the newspaper's owner, Hearst Corp., for the chance to purchase the Chronicle if it is put up for sale.

Anonymous said...

Amazing... Can someone explain to me how a CEO can keep his job if under his leadership the Company stock can falls from $75 to .45 cents ? .45 CENTS !!

The only thing I can figure is that he either has to have a huge Golden Parachute the MNI cannot afford or he has photos of the Board of Directors having sex with animals.

Anonymous said...

Anon 9:14 I am as frustrated as you that they haven’t dumped this guy.

But I think there is total agreement that an MNI turnaround isn’t possible.

With that said, MNI/ Titanic is simply "going with the flow."

Anonymous said...

With that group, bet on the sexy animal pictures. There's been rumors about that bunch for years.

Anonymous said...

How does PrettyBoy keep his job?? The board has a legal, fiduciary responsibility to the shareholders to see that the company's resources and prospects are secure. They are failing in this.
Fire this dope. Convene an emergency board meeting and get it done.
Today.

Anonymous said...

Without the family's approval the board doesn't have the ability to fire him. Blame the family first, then blame his his hand picked stooges on the board.

Anonymous said...

The Boy Blunder should have been canned 1 year ago, and someone from the SEC should investigate the feckless board of directors who have failed to perform their fiduciary responsibility.

Anonymous said...

Linda Williams has photos of Pruitt having barnyard sex with multiple people. Name anyone in upper management she has the goods.

Les Weatherford said...

Gary Pruitt's base salary will be reduced by 15%other executive officers' salaries will be cut by 10% no bonuses will be paid to any executive officers for 2009cash compensation paid to its directors has been cut by approximately 13%Thanks to readers who sent this to me.

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Here's a more reasonable proposal: Because of the dismal performance of the company the last three years, Pruitt's salary should be cut by 45 percent, corporate officers should get a 30 percent cut and compensation to the board of directors should be eliminated until they oust Pruitt and the corporate officers.

Les Weatherford
No longer an employee,
but still a stockholder.

Anonymous said...

Linda Williams has photos of Pruitt having barnyard sex with multiple people.

Not a problem with this group. However if she had a picture of him with a handgun or a bible, he would be in trouble.

Anonymous said...

I worked with BOTH ( our name for him) THE WIZ KID, AND CHERYL DELL.

Many of us "old timers" can remember this DIRECT QUOTE FROM THE WIZ KID, when he took over as
"the Grand Poobah" of the copany.

At one of his first employee meeting, he was asked about internet involvement
( MANY YEARS AGO)


"I DO NOT HAVE TO DISCUSS THIS. MCCLATCHY IS A NEWSPAPER COMPANY, WE WILL ALWAYS BE A NEWSPAPER COMPANY, AND WILL NEVER BRANCH OUT TO OTHER MEDIA.

Anonymous said...

6:17 - yep. Forward thinking, that one. That's why he makes the big bucks.