Shareholders of TEGNA today overwhelmingly approved the re-election of Board members, and ratified the appointment of Ernst & Young as the company’s independent accounting firm for the 2018 fiscal year.
But, here is the big headline: TEGNA stockholders said yes to an advisory resolution on the compensation of the company’s named executive officers.
It’s a non-binding vote, but it sends a message that the salaries of President/CEO Dave Lougee and other executives not exceed the level of acceptability viewed by the majority of shareholders.
The TEGNA stockholders re-elected Lougee, along with Gina Bianchini, Howard Elias, Stuart Epstein, Lidia Fonseca, Scott McCune, Henry McGee, Susan Ness, Bruce Nolop, Neal Shapiro and Melinda Witmer to the Board of Directors at the company’s annual meeting held at TEGNA headquarters in the suburban Washington, D.C. town of McLean, Va.
As previously announced, following the conclusion of the meeting Marge Magner retired as Chairman of the Board of Directors; Howard Elias assumed the role of Chairman.
“I want to thank Marge for her many years of outstanding and dedicated service to our company. She has led us through incredible transformation, been an advocate for our employees and championed our purpose-driven culture,” Lougee said. “I want to also congratulate Howard on becoming Chairman. I look forward to this next chapter and know that under Howard’s leadership, we will continue to serve our communities while creating value for shareholders.”
Directors will serve one-year terms ending at TEGNA’s annual meeting in 2019.
For fiscal 2017 Lougee made $4,749,737 in total compensation. Of this total $908,333 was received as a salary, $1 million was received as a bonus, $2,650,003 was awarded as stock, and $191,401 came from other types of compensation.