Paul J. Bascobert

Ex-CEO of Gannett

Education

Bachelor's degree from the University of California, Berkeley

Field of Expertise

Media & Entertainment - Media

Born

January 1, 1970 - 55 years ago

Economy Sector

Communication Services

Tenure

1 year 0 months (Jun 2019 - Jun 2020)

Previous Experience

Chief Executive Officer of Gannett Media Corp.

Paul J. Bascobert was the CEO of Gannett Co., Inc., stepping into the role in 2019. He brought a wealth of experience in the media industry, having previously led companies like XO Group Inc. and Bloomberg LP. His educational background includes a Bachelor's degree from the University of California, Berkeley, and an MBA from The Wharton School, which complements his technical beginnings as an engineer at GM and Whirlpool. Bascobert's tenure at Gannett was marked by a focus on performance-based strategies aiming to enhance shareholder value, aligning executive pay with company success. He garnered a total compensation of about $4.1 million in 2020, largely due to a substantial severance package after his departure during the COVID-19 pandemic. His equity awards and stock holdings fluctuated significantly, with peak trades approaching $3 million monthly in early 2021. Even amid challenges, he navigated the changing tides of the media landscape and left his mark during his short but impactful stay at Gannett.

Year

2020

Total Compensation

$3.79M

Salary

$225.38K

Board Justification

The compensation philosophy of the company for the CEO in 2020 is designed to attract and retain executives with the requisite skills and experience to help achieve business objectives and improve long-term stockholder value. The program is focused on performance-based compensation to align with stockholder interests.

Bonus

$610.02K

Board Justification

Mr. Bascobert was entitled to a guaranteed pro-rated cash bonus for fiscal year 2020 pursuant to the CIC Severance Plan equal to the average bonus earned with respect to the three fiscal years immediately prior to the fiscal year of his date of termination. The guaranteed pro-rated cash bonus earned by Mr. Bascobert in 2020 was $336,749. Additionally, he received a discretionary cash bonus of $136,635 related to the previous impact of COVID-19 salary reductions.

Other

$2.96M

Board Justification

This amount reflects Mr. Bascobert’s severance payment pursuant to the CIC Severance Plan in the amount of $2,900,000; $32,107 for COBRA expenses; and contributions by the Company to Mr. Bascobert including: (i) Company matching contributions to his Gannett 401(k) Plan in the amount of $14,250; (ii) Gannett Foundation grants to eligible charities recommended by Mr. Bascobert in the amount of $10,000; (iii) premiums paid for travel and accident insurance; and (iv) premiums paid for LifeLock identity protection.

Restricted Stock

$0.00(0 restricted stock)

Board Justification

Mr. Bascobert was awarded long-term incentive compensation with respect to fiscal year 2020. In April 2020, the Compensation Committee approved a long-term incentive compensation award of 230,736 shares of restricted stock and 282,010 performance stock units. A pro-rata portion of unvested restricted stock held by Mr. Bascobert became fully vested upon his termination from the Company in June 2020.

Performance Metrics

The performance metrics that determine the compensation in 2020 include the company's financial performance and individual performance metrics.

Barbara W. Wall

Ex-CEO of Gannett

May 2019 - June 2019

Vinayak R. Hegde

CEO of Gannett

February 2021 - Present