This story requires our BI Prime membership. To read the full article,Gannett CEO Mike Reed has been tasked with drawing up as much as $300 million of cost cuts to America's largest newspaper publisher after a merger last year brought the USA Today publisher and a large local newspaper chain under the same roof.
The compensation is a byproduct of an uncommon management structure at public companies where a CEO is employed by an outside manager, rather than as a full-time employee of the company itself, according to corporate attorneys and Wall Street executives. Although it is not common, the contract presents a data point about private equity firms' influence in corporate America, at a time when politicians such as presidential candidate Elizabeth Warren scrutinize how their management strategies affect business and society.
At that point, Reed — or whoever is CEO at that time — would no longer be employed by Fortress, the merger agreement said. Yet each year, as New Media reported its annual proxy statement with the Securities and Exchange Commission, it excluded Reed's compensation where public companies normally disclose CEO pay.
In 2018, an adviser to shareholders of public companies in proxy votes, Institutional Shareholder Services, found about 90 U.S. public companies that were externally managed. That's compared to more than 3,400 publicly listed U.S. companies overall that year, according to a finance industry report by The Carlyle Group.
In 2014, Fortress spun off a publicly-traded investment firm called New Senior. The following year it bought 28 senior living home properties for $640 million.
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