Gannett CEO Bob Dickey sent this letter to employees Thursday morning:
I wanted to let you know that today we are offering eligible, long-term Gannett employees within certain business segments and departments of our company the opportunity to take advantage of an early retirement program.
The employees who are receiving the offer all satisfy the criteria of being 55 years of age or older with at least 15 years of service as of October 12, 2015. This program provides an incentive for employees who voluntarily want to take advantage of retiring at this point in their career. This offer is completely voluntary and it is solely up to those eligible employees as to whether they wish to accept it. As with any retirement decision, we are encouraging eligible employees to speak with family and trusted advisers before accepting to assess their financial and lifestyle needs. We will finalize acceptances after the 45-day consideration period has closed, which ends Oct. 12, 2015./CONTINUES
The Early Retirement Opportunity Program also provides the company flexibility to reinvest in the key components of our three-year plan and better align our structure to become a next generation media company.
Taking this action provides a benefit to employees who wish to retire while allowing us to remain focused on operating as one company, providing exceptional, engaging content tailored to our readers’ interests and tastes. We also will continue to lead with digital, rapidly seizing the many opportunities presented by new and emerging technologies. And, importantly, we are working hard on ways to reinvest in our employees and the culture here we offer at Gannett.
We appreciate our colleagues’ outstanding efforts – their contributions have supported and strengthened the foundation of our company. We will keep the momentum strong as we continue to move forward with our ongoing strategy to create a New Gannett and a new future.
What are the specifics of the offer, Gannett employees? Please email me the details.
UPDATE ON THE OFFER: “Two weeks pay per year for 25+ years, capped at one year. 1.5 weeks pay per year for all others being offered,” writes a Gannett employee who is eligible for the deal.