MCLEAN, Va. -- Former Gannett Co. (GCI) CEO Craig Dubow's received a severance package valued at about $32 million after chronic health problems prompted his resignation from the largest U.S. newspaper publisher.The owner of USA Today and more than 80 other U.S. newspapers disclosed the details of Dubow's compensation in a regulatory filing late Friday. A contract that Dubow signed in February 2007 guaranteed he would receive his full pension, stock awards, a severance payment and other benefits if he became disabled.
Martore was Gannett's chief operating officer before Dubow's departure. Martore declined a raise when she became CEO last year, according to Gannett's filing. Instead, she agreed to maintain her salary of $900,000, the same amount that she had been receiving as Gannett's chief operating officer. Even before she was named CEO, Martore was working under a contract that entitled her to a $950,000 salary, but she voluntarily lowered it to $900,000 beginning in 2010 in recognition of the tough times facing Gannett. Martore's compensation, including a bonus and the estimated value of stock options, totaled $4.7 million last year. Gannett is the second major newspaper publisher in a week to disclose a large severance payment to a former CEO. The New York Times Co. ( NYT) said its former CEO, Janet Robinson, got a package valued at about $23 million after she retired at the end of last year. Dubow, who was 56 at the time he resigned from Gannett, is a member of The Associated Press' board of directors. His term ends in April.