Magazine article Editor & Publisher

GateHouse CEO Reed Got Bigger Bonus, Less Stock in Loss-Making 2007

Magazine article Editor & Publisher

GateHouse CEO Reed Got Bigger Bonus, Less Stock in Loss-Making 2007

Article excerpt

In a year when GateHouse Media Inc. lost $231 million, CEO Michael E. Reed received a bump in his bonus to $350,000 for 2007, but he was granted far fewer restricted stock units than in 2006.

With a base salary of $500,000, Reed's cash compensation totaled $850,000 for 2007, according to a proxy filed Tuesday with the Securities and Exchange Commission (SEC). In 2006, his base salary was the same, but the bonus was $200,000.

Reed, 41, was granted 75,633 restrict stock units, stock that vests over time and is designed to retain senior executives. This was the same amount granted other top executives of the acquisitive community newspaper publisher of 101 dailies, 282 weeklies, and 132 shoppers.

In 2006, he was granted 4,299,000 restricted stock units. In the time when the units are not vested, executives can still get the dividend on the stock, which until recently was far higher than most newspaper companies pay out. …

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