By: E&P Staff
McClatchy Chairman and CEO Gary Pruitt netted an $800,000 bonus in 2007 according to a regulatory filing.
Last year, Pruitt’s total compensation was $4.6 million down 16% compared to 2006. Pruitt’s base pay was $1.1 million. He had about $2 million in stock and option grants along with the bonus.
The Sacramento Bee’s Dale Kasler reports that the company had to include stock and option grants made to Pruitt in previous years in the 2007 tally. Under an alternate calculation, which includes only 2007, Pruitt made $2.9 million in 2007 compared to $5.5 million in 2006.
Larry Jinks, a director for McClatchy and head of the compensation committee, told Kasler: “The fact is, [Pruitt] is making significantly less money, as are the other senior McClatchy executives.”
McClatchy’s board defended Pruitt’s bonus noting that he cut expenses by 9%. His bonus in 2006 was $2 million.