Gannett Board Approves Dividend, Amends Bylaws on Majority Election of 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 April 3, 2006 to shareholders of record on March 10, 2006.
The Board of Directors also amended its bylaws to require directors to be elected by majority vote. The action formalizes a corporate governance policy adopted by the Board in October 2005.
Under the bylaw amendment, each director in an uncontested election will be elected by majority, rather than a plurality, of the votes cast in the voting for that director. Any director who receives less than a majority of the votes cast in the voting for that director must submit a letter of resignation to the Board’s Nominating and Public Responsibility Committee. The Committee then recommends action on the letter to the full Board.
“Shareholders have made clear they like this change, and we are glad to oblige. By amending its bylaws, Gannett is again demonstrating our strong belief in good corporate governance,” said Craig A. Dubow, president and CEO and a member of the Board.
Gannett Co., Inc. is a leading international news and information company that publishes 91 daily newspapers in the USA, including USA TODAY, the nation’s largest-selling daily newspaper. The company also owns nearly 1,000 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