Tuesday, July 14, 2009

"We are positioning McClatchy for a long and prosperous future"

Just came across Gary Pruitt's entire message to shareholders. The last sentence jumps out:

"We are positioning McClatchy for a long and prosperous future."

McClatchy is certainly profitable for the CEO, the management team, and execs that get laid off -- the company just released a VP and gave her a $690,000 severance package.

Read Pruitt's entire message here.
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7 comments:

Anonymous said...

And of course he calmed jittered investors, with his addressing their chapter 11 concerns?

Oh, he didn't?

Anonymous said...

Mr Pruitt's statement, by focusing on percentages, rather than the numbers behind the percentages misleads the reader into a false sense of the prosperity of the company.

Dave D. said...

..A serial liar lies again. The long and prosperous future is in a pine box. Dead paper walking.

Anonymous said...

This is old news. Slower than a newspaper and you're a blogger.

Anonymous said...

"We are positioning McClatchy for a long and prosperous future."

What's old news?

Anonymous said...

If I did my job the way Gary Pruitt does his, I'd have been fired ages ago. What is it with McClatchy managers? Is there a test for ineptitude you must pass before you can be promoted. I feel privileged to say this since I have worked with some of the most inept McClatchy managers on the payroll. When I realized I wouldn't have to move to a cardboard box under the Interstate overpass if I retired, I did. It continues to break my heart to see fine journalists suffer salary cuts and furloughs, not to mention mass layoffs, while a collection of dipsticks continues to manage, and I use the term ever so loosely.

Jay said...

I had to laugh when I read this letter. Pruitt brags about paying down the debt last year, but makes no prediction as to how muuch they'll pay off this year. No asset sales, no favorable tax savings, and the $2,000,000,000 just stays on the books. What's even funnier is how he tries to sell the massive job cuts as being a solution to the competitive situation. " We have more competition now than ever, so let's gut the entire organization to better compete". What a line of crap. Pruitt must think shareholders are as stupid as he is.

Hey Gary, how many shares do you own?