Gannett CEO takes a 17% cut in salary

Craig A. Dubow, chief executive of the media giant Gannett Co., is taking a 17% salary cut as the company struggles with declines in advertising and circulation that prompted staff cuts this summer.

Dubow told employees in a memo Monday that he would reduce his pay by $200,000 starting this month and continuing in 2009. That would put him on track for a base salary of $1 million this year and next.

Dubow also said all company and divisional officers would have their salaries frozen for 2009. The moves came after the McLean, Va., publisher of USA Today detailed plans in August to cut 1,000 positions in its community publishing division, with layoffs accounting for 600 of the cuts.

“All Gannett employees are making deep sacrifices for their company,” Dubow wrote. “I have great empathy for those employees and their families who have lost their jobs.”

Also taking a voluntary cut recently amid heated public criticism of executive pay was Anthony P. Terracciano, chairman of student lender Sallie Mae of Reston, Va.