Gannett Board Approves Dividend, Adopts Majority Vote Standard for Directors
NEW YORK, NY – A quarterly dividend of 29 cents per share was declared today by the Board of Directors of Gannett Co., Inc. (NYSE:GCI). The dividend is payable on January 3, 2006 to shareholders of record on December 16, 2005.
The Board of Directors also amended its corporate governance principles to require any nominee for director in an uncontested election who receives a greater number of “withheld” votes than “for” votes to submit a letter of resignation to the Board’s Nominating and Public Responsibility Committee. The Committee will then recommend action on the letter to the full Board.
“Today’s amendment gives shareholders a greater voice in the election process, which is good corporate governance and good for the company,” said Craig Dubow, president and CEO of Gannett and a member of the Board.
Previously, directors were elected by plurality vote. A text of the company’s corporate governance principles, including this amendment, is available at www.gannett.com.
Gannett Co., Inc. is a leading international news and information company that publishes 99 daily newspapers in the USA, including USA TODAY, the nation’s largest-selling daily newspaper. The company also owns more than 900 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom’s second largest regional newspaper company. Newsquest publishes more than 300 titles, including 17 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 21 television stations in the United States and is an Internet leader with sites sponsored by its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web.
Vice President of Corporate Communications