Lose Money Make Bigger Bonus! The Gatehouse Way.
Ya see? This is why AngryJournalist.com gets traction. Gatehouse Media lost $231 million last year. The CEO’s bonus went up. Base and Bonus = $850,000 + $429, 380 in dividends from stock he doesn’t own = $1.3 million in compensation.
With a base salary of $500,000, Reed’s cash compensation totaled $850,000 for 2007, according to a proxy filed Tuesday with the Securities and Exchange Commission (SEC). In 2006, his base salary was the same, but the bonus was $200,000.Reed, 41, was granted 75,633 restrict stock units, stock that vests over time… In 2007, GateHouse said, Reed received $429,380 in dividends from unvested stock.
and apparently, they have to cook the books a little to get cash flow:
and the companies “adjusted EBITDA,” a non-GAAP measure of cash flow that does not include interest payments, depreciation, amortization or other one-time costs, was $104.6 million.