By: Jennifer Saba Executives at Gannett reaped the most compensation among newspaper execs in 2004, according to a report released by Banc of America Securities today.
The firm measured the proxy statements of 10 publishing companies -- including McGraw-Hill, which ranked the highest -- and found that compensation is most closely tied to market capitalization.
The top five executives at Gannett earned $7.8 million in short-term compensation (which includes salary and bonuses) and $1.8 million in long-term compensation. The New York Times Co. followed with $7.2 million in short-term compensation and $1.9 million in long-term compensation.
Tribune and Lee had the lowest. Tribune executives received $3.7 million in short-term compensation and $306,714 in long-term compensation. Lee executives received $3.6 million in short-term compensation and $511,800 in long-term compensation.
On average, publishing executives earned $5.5 million in cash and bonuses for 2004, compared with $5.2 million in 2003.
Gannett also paid its CEO the most. Douglas McCorkindale made $4.1 million compared to an average of $2.1 million. At the bottom of the list was Tribune's CEO Dennis FitzSimons who earned $1.1 million.
The median CEO compensation for the group was $1.8 million compared to $2.5 million for CEOs at 350 U.S. corporations surveyed by The Wall Street Journal and Mercer Human Resources Consulting.
Comments
No comments on this item Please log in to comment by clicking here