Consultant for life…

March 17, 2004

When Larry Miller, Gannett’s (GCI) former CFO stepped down last year, the company didn’t even put out a press release. Perhaps they didn’t want to call attention to the fact that the company agreed to pay Miller $600,000 a year for life, an item buried in Gannett’s recent proxy. Under the terms of the consulting contract, the agreement will automatically renew each July 1. The $600,000 is $40,000 more than Miller made when he was working full time at Gannett. It’s also more than all but the two most senior Gannett executives made last year for their full-time jobs. The contract requires Miller, a 40 year Gannett veteran, to work part-time. But wait….there’s more. Miller also received a $285,000 bonus last year and the company will continue to pay for his car and golf club membership.

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