Gannett Chief Executive Craig Dubow is taking a 17 percent pay cut as the publisher plans to lay off hundreds of staffers because of plummeting ad revenue, Brand Republic reported Tuesday.

Dubow announced Monday in an employee memo that he would take a voluntary cut of US$200,000 (£126,000) from his $1.2 million (£758,000) salary starting now through 2009. The company has also frozen salaries for corporate and divisional officers for 2009.

“All Gannett employees are making deep sacrifices for their company,” said Dubow. "I have great empathy for those employees and their families who have lost their jobs. I also recognise that our employees are working harder and harder to produce results in a challenging business environment."

This news comes as Gannett prepares to lay off 10 percent of its staff from its more than 80 local daily titles, Brand Republic reported.

These job cuts are in addition to the 10 percent reduction announced in August, which eliminated more than 1,100 positions. According to Brand Republic, these cuts are not expected to affect the publisher's flagship title, USA Today.

“But I firmly believe the steps we are taking now are necessary and will serve as the foundation for our future success. I want to thank all our employees for their patience and loyalty during these difficult times,” Dubow added in the memo.

Gannett announced last week that its third-quarter profits dropped 32 percent. Net income totalled $158 million (£100 million), a sharp decline year-over-year from $234 million, Brand Republic reported.