Newspaper shares -35%, CEO pay -11%

Things were so tough last year that the top executives of eight of 12 publicly held newspaper companies suffered a pay cut. But things were even tougher for their stockholders.That’s because the shares of the dozen newspapers dived an average of 35.7% in 2007 at the same time the average compensation of the chief executives fell by a more moderate – but not insignificant – 11.7%.The incongruity