March 23, 2009 3:34 PM
- Text
Gannett Warns Of More Unpaid Furloughs; Layoffs AvoidedFor Now
(PaidContent.org)
This story was written by David Kaplan.
Given its continuing financial woes, it's not surprising that Gannett is requiring more unpaid leave for its 41,500 global workforce. Jim Hopkins' Gannett Blog has the news, including chairman and CEO Craig Dubow's memo detailing the latest bid to save costs.
Staffers earning $90,000 and above will be furloughed for two unpaid weeks in Q2. Those employed at the McLean, Va., headquarters are required to take one unsalaried week off; they'll also will have a temporary pay reduction of to one week's paycheck. The move comes at an embarrassing time for Gannett (NYSE: GCI). Considering all the outrage over large bonuses at failing companies these days, Hopkins notes that Gannett's board just reported that it authorized $2 million in all-cash 2008 bonuses to Dubow and the other top four executives. The news seemed to cheer Gannett investors, who sent the stock up about $0.15, or 7 percent, to $2.29, though it could have been rising the general uptick in the market.
By David Kaplan
Given its continuing financial woes, it's not surprising that Gannett is requiring more unpaid leave for its 41,500 global workforce. Jim Hopkins' Gannett Blog has the news, including chairman and CEO Craig Dubow's memo detailing the latest bid to save costs.
Staffers earning $90,000 and above will be furloughed for two unpaid weeks in Q2. Those employed at the McLean, Va., headquarters are required to take one unsalaried week off; they'll also will have a temporary pay reduction of to one week's paycheck. The move comes at an embarrassing time for Gannett (NYSE: GCI). Considering all the outrage over large bonuses at failing companies these days, Hopkins notes that Gannett's board just reported that it authorized $2 million in all-cash 2008 bonuses to Dubow and the other top four executives. The news seemed to cheer Gannett investors, who sent the stock up about $0.15, or 7 percent, to $2.29, though it could have been rising the general uptick in the market.
By David Kaplan
Latest Now in MoneyWatch
- Judge: Legally, breastfeeding not related to pregnancy
- Budget deficit drops to $27 billion in January
- Why the Powerball Jackpot is part of my investment strategy
- Is the new VW Beetle diesel worth the money?
- Consumer sentiment highlights risks to recovery
- Valentine blues? 10 best cities to be single
- December trade deficit widens to $48.8 billion
- Alcatel-Lucent returns to profit in 2011
- 6 things never to say in a performance review
- $26B mortgage deal: Who gets the money?
- Friendly's CEO steps down
- Quarterly loss hits $3.3B at Postal Service
- Greeks rail against cuts as EU demands more
- 6 things you should never share on Facebook
- Make moves now to increase financial aid
- Valentine's Day: 9 places to save
- GreenCloud saves paper, toner, money and time
Latest CBS News Headlines
on Facebook
on CBS News
- Justice Department calls Swiss Bank a "fugitive"
- General: US advisory teams heading to Afghanistan
- General: US advisory teams heading to Afghanistan
- General: US advisory teams heading to Afghanistan
on Facebook
- Adele sings a cappella for Anderson Cooper
- Josh Powell had "incestuous" images on his home computer, authorities say
- Adele sings a cappella for Anderson Cooper
on CBS News
