• The Associated Press, Thursday, March 19, 2009 9:16 AM

Gannett cut its chief executive's pay package by 60% last year, passing along the financial misery that has tormented the largest U.S. newspaper publisher as its stock price and profit shrank.

CEO Craig Dubow's 2008 compensation was valued at $3.1 million, based on newly disclosed SEC figures. That's down from 2007 compensation of $7.9 million, which included stock options. As big as the pay cut, it still fell short of the 79% plunge in Gannett's market value that erased $8 billion in shareholder wealth last year.

Dubow's 2008 pay consisted mostly of a $1.17 million base salary and a $875,000 bonus. It reflects Dubow's decision to lower his base pay to $1 million in November from $1.2 million, a 17% reduction that will remain in effect through 2009. Gannett's board cut Dubow's 2008 bonus in half, to $875,000. This year, the company also stopped paying for Dubow's home security.

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