By: (AP) Gannett Co. Inc., the country's largest newspaper publisher, raised the bonus of its top executive 21% to $2.3 million in 2002, according to a regulatory filing Tuesday.
The salary of Gannett Chairman, President, and Chief Executive Douglas H. McCorkindale remained at $1.6 million, the Securities and Exchange Commission filing said.
The company added that McCorkindale exercised options for 200,000 shares in 2002, realizing a profit of $9.5 million.
McCorkindale was granted options for another 400,000 shares in 2002 with an estimated value of $8.6 million at the Dec. 3, 2002, grant date. In 2001, he received options for 375,000 shares.
The filing said McCorkindale recommended that bonuses for the other top executives be increased in 2002 to recognize Gannett's "strong performance" in a challenging environment and to reward their "extraordinary effort."
Gannett, based in McLean, Va., publishes more than 100 daily newspapers, including America's largest,
USA Today. It posted 12-month revenue of $6.46 billion.
Shares of Gannett closed Tuesday at $72.57, down $1.27, or 1.7 percent, on the New York Stock Exchange.
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