Thread regarding Gannett Co. Inc. layoffs

Paul Bascobert let go

In a statement release by Mike Reed:

As we move forward, our board of directors is highly focused on consistent and significant progress, improved efficiency and increased transparency and accountability. To that end, the Board has decided to change our executive team structure to eliminate the position of CEO of the operating company. As such, we have mutually agreed with Paul Bascobert that he will be leaving the company.

Not sure why he was let go, anybody have any insight?

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Aside from the fact that they had 2 CEO’s, with Mike Reed as head of the Financial end of Gatehouse/ Gannett, I assume that Paul’s $700k plus salary, and 4 million dollar signing bonus could be a factor.

Although, paying Bascobert 7 million in severance, one has to wonder how much revenue was “saved”.

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