Thursday, April 02, 2009

CEO Reaps Millions As McClatchy Implodes

In less than five years under the leadership of CEO Gary Pruitt, the McClatchy newspaper chain, which owns the liberal/leftist Raleigh News & Observer, has seen its stock price fall from more than $75 a share to penny stock status.

McClatchy’s bonds have “junk” ratings. The company’s been downsizing its newspapers, letting employees go by the hundreds, and cutting the pay of those who remain as well as forcing them to take unpaid “furloughs.”

And how’s CEO Pruitt doing?

McClatchy Watch reports yesterday, April 1 - - -

This is no joke -- even though McClatchy's share price has fallen by 95 percent over the past year, the board rewarded Gary Pruitt by paying him $2.7 million in 2008. …

Be sure to read the rest of the post which includes Pruitt’s compensation totals for 2006 and 2007. And don’t miss the comments.