Michael E. Reed
Chairman of the Board, CEO, and President at GGannett Co Inc
Board
Since November 2013
Age
57 years
Tenure
Joined in November 2013 as a member of the board and as CEO and President, later promoted to Chairman in May 2019.
Also at Gannett Co Inc
CG
Cindy Gallagher
Controller, Chief Accounting Officer, and Principal Accounting Officer
DEH
Douglas E. Horne
Chief Financial Officer and Principal Financial Officer
About
Michael E. Reed has over 25 years of experience in the newspaper and publishing industries, beginning his career with senior roles, which provided him a strong foundation in media before joining GCI.
He joined Gannett Co., Inc. in November 2013 as a member of the board and as the Chief Executive Officer and President, assuming significant responsibilities for shaping strategy and operations.
In May 2019, he was elevated to the position of Chairman of the Board while retaining his roles as CEO and President, reflecting his long-standing leadership and deep industry expertise. His previous experience as CEO of GateHouse Media and his involvement with several prominent boards underscores his commitment to driving success across the organizations he serves.
$GCI Performance Under Michael E. Reed
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Minneapolis Star Tribune | Board Member | 2009 - 2014 | Served as board member |
| GateHouse Media, Inc. | Chief Executive Officer | January 2006 - November 2013 | Filed for Chapter 11 bankruptcy in September 2013 |
| GateHouse Media, Inc. | Board Member | Started October 2006 | Served on the board of directors prior to merger |
| Newspaper Association of America | Board Member and Chairman (1 year) | N/A | Represented the newspaper industry on the board |
| Associated Press | Director and Chairman of the Audit Committee | N/A | Served on the board and chaired the Audit Committee |
External Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| TouchCare Holdings LLC | Board Member | Current | Currently serves as a board member outside of GCI |
Fixed Compensation
Data from FY 2023
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $900,000 | Annual | Reflects the salary rate after the voluntary reduction in late 2022 due to company expense initiatives |
Performance Compensation
Data from FY 2023
Cash Performance Units (CPUs) 2023
| Metric (Unit & Scale) | Threshold | Target | Maximum | Performance Result |
|---|---|---|---|---|
| Adjusted EBITDA (Million $) | $240.0M | $300.0M | $330.0M | $267.7M |
| Digital Revenues (Million $) | $903.0M | $1,129.2M | $1,242.1M | $1,050.4M |
- Performance Weighting: Each metric contributes 50% to the overall CPUs performance assessment.
- Vesting Schedule: The CPUs have a three-year performance period (2023–2025) with vesting occurring three years from the grant date of March 24, 2023.
- Vesting Outcome: Based on 2023 performance, 77.8% of the target CPUs vest, corresponding to a value of $389,050.
- Grant Details: CPUs are cash-based awards with a grant date fair value provided; no grant date stock price since they are not equity awards.
Annual Bonus Plan (ABP) 2023
| Performance Component | Metric/Goal | Threshold | Target | Maximum | Actual Performance |
|---|---|---|---|---|---|
| Adjusted EBITDA Component | Adjusted EBITDA (50% weight) | $240.0M | $300.0M | $360.0M | $267.7M |
| Media Segment – Total Digital Revenue | Total Digital Revenue | $541.7M | $677.1M | $812.8M | $641.7M |
| Media Segment – Digital + Print Circulation Revenue | Digital + Print Circulation Revenue | $700.6M | $875.8M | $1,051.0M | $854.5M |
| Media Segment – Local YOY Profitability Trend | Profitability Trend (ppt) | 8.40 | 10.50 | 12.60 | 9.90 |
| Digital Marketing Solutions (DMS) – Revenue | DMS Revenue | $410.3M | $512.9M | $615.5M | $477.9M |
| DMS – Adjusted EBITDA | DMS Adjusted EBITDA | $53.4M | $66.7M | $80.1M | $53.2M |
- Performance Weighting: Company financial goals account for 75% of the ABP with the remaining 25% tied to individual performance goals.
- Bonus Payout: Michael E. Reed achieved 77.8% of his target bonus level, resulting in an award of $875,559.
- Plan Characteristics:
- The ABP is a cash-based incentive with performance evaluated annually for the fiscal year.
- There is no vesting schedule for the annual bonus as it is not equity-based.
- Payouts are scaled linearly between the threshold, target, and maximum levels for each metric.