Amid tanking stock prices, pay freezes and unpaid employee furloughs, USA TODAY publisher Craig Moon will walk away with at least a $3.7 million retirement package, according to the Gannett Blog.
"While the challenging media environment has been difficult for this industry and its people, it also has created new opportunities which I plan to explore with partners," Moon said in a release.
Gannett named Moon president and publisher of USA TODAY in 2003. He has been with the company for 23 years.
"Craig has been a steady hand, a defender of strong journalism and a true champion of the USA TODAY brand in his six years as president and publisher of our flagship newspaper," said Craig Dubow, chairman, president and chief executive officer of Gannett Co., Inc. in the release. "He has combined his love of the newspaper business with a grasp of the digital future in ways that benefited not only USA TODAY but also the entire company. We will miss his counsel and his expertise."
Dubow announced last November that he would reduce his own base pay from $1.2 million to $1 million. His total compensation package last year was reportedly $7.9 million.
... but no free coffee for employees. Ouch.