Tuesday, March 3, 2009
Here's how a Gannett employee explains the fall
From the place for all news Gannett, www.gannettblog.blogspot.com, one employee is right on target as to the surprise about the company's fast descent while acknowledging what has finally fed it.
I'm nearly speechless! Even with this terrible economy, how did this happen so quickly?
I suppose some would say it wasn't quick and that Gannett Corp. has been mismanaged for a very long time. It just took this economy to reveal all the weaknesses, the bad decisions, horrible hiring practices and lack of honorable and innovative values.
I know other companies have been hit hard, but this fall in particular has been mighty steep. Companies like Citi have been hurting for several years, maybe longer.
I can't help but believe that investors are more aware than ever that this company is horribly run with no clear vision of the future. Just look at the massive number of former employees whose hatred of GCI is about as intense as one can ever imagine.
Look at all the employees who have been dumping there company stock for years, knowing that this company simply doesn't have a vision and that things are broken and beyond repair.
Not a good sign when the people who work here and know the most about how screwed up things have become, are bailing out on the stock. Just look at the all the meetings we sit in where there are very few details as to how we're going to get from point A to B. Lots of labels and catch phrases, and very few serious plans.
And don't ask about that lack of details because if you do you will be labeled as negative or a malcontent. It does seem like Gannett's run is about over and that properties are going to be broken up in some fashion.
But before that happens, I wonder what GCI is going to cook up next to try to save itself.