Finally, a company whose CEO is sharing in the masses’ financial malaise. Are you listening, AIG? Newspaper publisher Gannett Co’s CEO, Craig Dubow, has seen his pay slashed 60% amidst the company’s declining profits and shrinking ad revenue.

The Associated Press explains Dubow “was granted 2008 compensation valued at $3.1 million…down from 2007 compensation of $7.9 million.” Even though a 60% reduction in pay seems steep, it falls short of the company’s plunging stock value; Gannett’s market value fell 79% last year.

Obviously, $3.1 million in combined salary and bonuses is wildly higher than 99.9% of Americans' annual wages, so we're not crying a river for Dubow. But it is worth noting Dubow personally volunteered to cut his base salary from $1.2 to $1 million. He is also partaking in Gannett's company-wide requirement and taking one unpaid week off work.

While Gannett lost $6.6 billion last year and saw ad revenue plummet 21%, it in better shape than many newspaper publishers. The company was forced to eliminate some 4000 jobs and slashed its dividend; clearly the publisher is making the tough choices it must to help weather the prolonged economic recession. While these types of corporate cutbacks are never easy, they may help Gannett emerge in better shape than its competitors, some of whom have been forced to shut their operations entirely or shift to digital-only models. Source: Associated Press, more