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GateHouse Media Inc. has announced annual cash bonuses for its executive officers.
The company last week said five members of its executive team, led by CEO Michael Reed, would have bonuses paid out before the end of 2012. Reed received a cash bonus of $800,000.
Chief operating officer Kirk Davis received $350,000. Polly Sack, senior vice president, secretary and general counsel, received $140,000, while Melinda Janik, chief financial officer, received $125,000. The company’s treasurer Mark Maring received $80,000.
GateHouse is the parent company of the Messenger Post newspapers. GateHouse publishes more than 75 daily publications across 21 states.
Reed and his team spent most of last year focused on growing its digital initiatives. Still, during the first three quarters of 2012, GateHouse saw its revenues decline when compared to the previous year.
During the first and second quarter, the company managed to trim its net loss by cutting costs. In November, however, GateHouse reported its net loss grew during the third quarter.
Reed attributed the loss to investment in strategic initiatives, specifically GateHouse’s digital solutions for small and midsize businesses.
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