McClatchy CEO Pruitt Received $5.6M Pay Package in 2006

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McClatchy Co. Chairman, President and Chief Executive Gary B. Pruitt received compensation in 2006 valued by the company at $5.6 million, according to a regulatory filing Friday.

The newspaper publisher paid Pruitt a salary of about $1.1 million; a bonus of $1 million and non-equity incentive plan compensation of $950,000, according to a filing with the Securities and Exchange Commission.

Pruitt, 48, also received other compensation totaling $118,191; which included contributions to retirement ($8,800) and life insurance plans ($11,863); $27,169 in payments to a long-term disability plan and the related tax gross up — which occurs when a company pays the taxes on an executive’s perks — of $13,051; $42,300 in cash dividends paid on shares of restricted stock; $12,692 for a company car program and $2,316 for a country club membership.

McClatchy said the company’s car and country club membership programs will end next year.

The company also gave Pruitt stock and option awards that had an estimated value of $2.4 million on the dates they were granted.

The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits and sometimes differ from the totals released by the companies.

For 2006, McClatchy posted a loss of $155.6 million, or $2.41 per share, compared with earnings of $160.5 million or $3.42 per share a year earlier. Income from continuing operations for the year was $179.9 million, up from $119.5 million in 2005.

The company will hold its annual shareholders meeting on May 16 in Sacramento, Calif. Shareholders will elect directors for the coming year and ratify an independent auditor.

McClatchy is the nation’s second biggest newspaper publisher behind Gannett Co. It publishes The Miami Herald, The Sacramento Bee and The Kansas City Star as well as more than 30 other daily papers and about 50 papers that are not dailies.

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