Gannett lays off 400
while its CEO bought $1.2 million in Gannett stock. That’s today’s America and
the newspaper situation.
Gannett laid off 400
employees and eliminated 400 open positions. That’s Gannett’s solution to a
dismal second quarter $54 million loss despite $749 million in revenues.
Executives were not
spared. 3 of the 10 were eliminated from the executive team.
Non-union employees
were dumped far more than union workers. A message there for the value of being
in a union?
Gannett CEO Harry Reed, who was paid $7.7 million in 2021 while
Gannett’s median salary was $48,419, bought $1.2 million worth of Gannett
stock, or 500,000 shares, immediately before the layoffs.
There’ll be no pity party necessary for Harry, because Gannett is wild about Harry. Unfortunately, the 400 employees didn’t get that same warm embrace . . . just a boot in the butt.
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