Craig Dubow resigned as Gannett CEO for health reasons in October and was eligible for a retirement and disability pay package of $37.1 million. (Peter Lewis has pointed out that when Dubow took over as CEO in 2005, Gannett’s stock price was $72-something a share. At his departure, it was $10-something – down 85% in his tenure.)
On Wednesday, Gannett revealed in a 10-K filing that Dubow will receive a $5.9 million cash payment in early April, apparently the first part of his retirement package. Gannett Blog’s Jim Hopkins went through 155-page document and noticed that Dubow and Gannett agreed to keep the executive’s separation agreement “more or less a secret — although GCI reserved the right to disclose its contents to the SEC. Which, of course, it did.”
Part of the agreement:
5. You and Gannett agree not to disclose or discuss the existence or the details of this Agreement with anyone other than our respective attorneys, accountants and/or your immediate family members, unless required by law. You hereby acknowledge and agree that Gannett may disclose this Agreement and/or the terms hereof in any investor communication or filing with the Securities and Exchange Commission (or other communication related thereto).
6. You also agree that you will not make any statements, oral or written, or cause or allow to be published in your name, or under any other name, any statements, interviews, articles, books, web logs, editorials or commentary (oral or written) that is critical or disparaging of Gannett, or any of its operations, or any officers, employees or directors of Gannett, or of any of its operations.
Likewise, Gannett, agrees that it will not make, and will instruct its current directors and executive officers not to make, any statements, oral or written, or cause to be published in Gannett’s name, any statements, interviews, articles, editorials or commentary (oral or written) that is critical or disparaging of you. Merely because a statement is made by a Gannett employee does not mean that it is made “in Gannett’s name.”