Craig Dubow, taking slightly more responsibility than the leading brand
Gannett, owner of The Tennessean and the nation's largest newspaper company, has long been considered the industry's Dark Knight. It had a reputation for lower wages, second-tier journalism, and a name for putting costs before quality. It was also the leader in pushing profit margins toward 30 percent, even while advertisers and readers were fleeing in legions.
It was, quite naturally, a business plan that couldn't sustain itself. Which is why the company is now hemorrhaging, seemingly stuck in a cycle of laying off thousands of workers at a time.
But at least CEO Craig Dubow is stepping up -- sort of. Earlier this week, he announced he was taking a $200,000 cut off his base salary of $1.2 million
. Okay, so it's not like he'll miss it. His total compensation is $7.5 million, meaning he won't be forced to drink rail whiskey anytime soon.
Still, it's a lot better than most of his colleagues in the executive class, who've driven their companies to ruin only to expect continued bonuses for... driving their companies to ruin. And he certainly possesses a greater sense of sacrifice than James L. Shaub II, CEO of SouthEastWaffles.
He oversees 113 Waffle House restaurants in four states, including Tennessee. He also drove said chain to bankruptcy, but still believed he was entitled to a $20,000-a-month salary
, apparently the going rate for really sucking at your job. A U.S. Bankruptcy Court didn't agree, a rejected the package last week.