In 2016, Tegna CEO Gracia Martore clocked in as the highest paid executive among the nation’s pure-play television station groups. She left in 2017 and Dave Lougee now sits atop the Tegna organizational chart, costing the company far less.
Tegna realized a major savings in executive compensation in 2017. A year before that, Gracia Martore clocked in as the highest paid executive among the nation’s pure-play television station groups. In 2017, she pulled in less than a third of her $11.5 million 2016 compensation total prior to retiring.
Dave Lougee now sits atop the Tegna organizational chart for what is a considerable raise for him and considerably less money spent by Tegna.
President-CEO Lougee, who pleased the board with a 7% gain in 2017 revenue, among other things, took on much of Martore’s workload, and was rewarded with a significant 34.3% raise to nearly $4.5 million in salary, bonuses and stocks.
That’s good news for Lougee, and it’s also good news for Tegna’s bottom line. He pulled in $7 million less than Martore’s 2016 total. Add in the $3.5 million she made in 2017 and Tegna is still ahead $3.5 million.
EVP-CFO Victoria Harper’s rise wasn’t quite as steep, but her 21.6% jump to $3.560 million was also on the hefty side.
The final compensation total for legal EVP Todd Mayman was down slightly. He dropped 1.2% to $2.066 million.
In announcing total 2017 or named executive officer (NEO) compensation, the company cited the 7% gain in 2017 revenue, along with significant growth for the company’s Premion initiative, and the successful sale of Cars.com as positive accomplishments.
The Cars.com deal led to the exit of former Digital President Jack Williams. His 2016 compensation package of $2.667 million was just a bit less that the amount paid to new chart entrant Lynn Beall. Williams received $677,000 before leaving the company in 2017.
2017 Revenue: $1.863B
|Title||2016 Comp.||2017 Comp.||% Rev.||% Ch. YOY|
|David T. Lougee||Pres.-CEO||$3,151,908||$4,798,382||0.25%||+34.3%|
|Todd A. Mayman||EVP Legal||$2,090,608||$2,065,643||0.11%||-1.2%|
|Gracia C. Martore||Ex-Pres./CEO||$11,016,789||$3,508,946||0.19%||-68.1%|
|John A. “Jack” Williams||Ex-Digital Pres.||$2,787,596||$677,076||0.04%||-75.7%|