According to a securities filing, Gannett CEO Mike Reed received $3.38 million in total compensation in 2022, which is less than half of what he earned in 2021.  Reed’s pay consisted of a salary of $859,615, a bonus of $513,652, and $2 million in stock awards. In addition, he received $6,184 in matching contributions to his 401(k) plan. His pay is 66 times the pay of the company’s median U.S. employee, which was $51,035 in 2022.

Gannett’s stock fell by 60% in 2022, and the company’s overall headcount was reduced by 19%. In last year’s “say on pay” vote, shareholders approved the company’s executive pay by a large margin. At the upcoming annual shareholder’s meeting, investors will have the opportunity to vote on a non-binding ballot question regarding Gannett’s compensation structure.

According to a recent Gannett Co., Inc. earnings release, “During the fourth quarter the Company continued to make significant progress against its strategic priorities and we ended 2022 with our highest quarterly Adjusted EBITDA for the year, resulting in significant sequential growth over the prior quarter,” said Michael Reed, Gannett Chairman and Chief Executive Office. “This illustrates the effectiveness of our ongoing cost management program which has enabled us to navigate the near-term volatility and we believe will allow Gannett to realize its long-term growth goals. As a result, we believe we have laid the foundation for strong full year 2023 guidance which includes significant cash flow growth.”