Monday, September 08, 2008

Pruitt resigns one of his McClatchy positions

The chairman of Herald parent company McClatchy, Gary Pruitt, has announced that he is stepping down as "trustee of four trusts that control about 12.5 million shares of [the company's] Class B stock."

An interesting note in the article is that:

The McClatchy family owns about one-third of the company’s shares, but the Class B stock gives members 80 percent of the voting control, according to a Securities and Exchange Commission filing late Friday.
McClatchy's shares traded in $50 range a couple of years ago and are now trading at about $3.60. The newspaper business is taking it's lumps but McClatchy is taking more than most.

H/T: Bob

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