Michael E. Reed

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. " "

Cash Performance Units (CPUs) 2023

• 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 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. "