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The Guardian - UK
The Guardian - UK
Business
Roy Greenslade

Newsquest boss rakes in the money while staff are asked to take a hike

See if you can find a logical link between these two pieces of news about Newsquest/Gannett.

On Friday, in the UK, Oliver Luft revealed that Newsquest's London division had told staff that "due to worsening trading conditions" it would accept requests for voluntary redundancy.

On Friday, in the US, Jim Hopkins revealed that Gannett had given a dozen of its directors another tranche of stock options that are, potentially, worth millions.

One of the beneficiaries was Paul Davidson, the chief executive of Newsquest. He picked up 61,000 to add to the 90,000 he got a year ago.

These options are part of the executives' annual pay and their eventual value depends, of course, on the share price at the time of sale, which cannot occur until February next year.

In December, Gannett's senior executives also received so-called restricted stock units (RSUs), which are promises of company stock that can be claimed at a future date.

In that instance, Davidson got 20,000 RSUs, worth at Gannett's current share price ($16.34) $326,800 (£203,000).

Sources: Press Gazette/Fleet Street Blues/Gannett Blog

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