Gannett's McCorkindale Earned $5.8M in 2004

By: (AP) Gannett Co., the largest newspaper publisher in the country, paid its chief executive Douglas McCorkindale $5.8 million in 2004, excluding stock options, up from $4.2 million a year ago, according to a regulatory filing Friday.

In its annual proxy statement filed with the Securities and Exchange Commission, the McLean, Va.-based company reported that McCorkindale also was awarded 384,000 stock options last year at an exercise price of $80.90 per share. The year before, he was awared 400,000 stock options with an exercise price of $87.33 per share.

Gannett's stock fell 1 cent to $78.99 in early trading Friday on the New York Stock Exchange.

McCorkindale earned a salary of $1.6 million in 2004, the same as the year before. He was awarded a bonus of $2.45 million last year, up from $2.25 million in 2003, and he received a restricted stock award worth $1.6 million, up from $150,000 the year before.

Gannett publishes 101 daily newspapers in the United States, including USA Today, the largest-selling daily. It also owns 21 television stations and Newsquest PLC, the second-largest regional newspaper publisher in the United Kingdom.


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