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Verizon recently tripled the compensation of its CEO, Lowell McAdamfrom $7.2 million to $23.1 million A YEAR.
Despite retiring as CEO of Verizon in August, Ivan Seidenberg earned more in 2011 than he did in the last two full years of work.
According to an analysis of a Monday regulatory filing from the New York-based phone company, Seidenberg earned $26.4 million in 2011. That compares with the $18.1 million he earned in 2010 and the $17.5 million he received in 2009.
He was CEO for seven months of 2011, and then remained as executive chairman until the end of the year.
Seidenberg didn't receive a severance payment. In calculating executive compensation, The Associated Press includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
Seidenberg was the highest-paid CEO in the U.S. telecommunications industry last year. Randall Stephenson, his counterpart at AT&T, which is larger, earned $18.7 million.
Seidenberg's successor, Lowell McAdam, earned $23 million in 2011. That was in large part due to a special grant of $10 million in restricted stock, made when he assumed the CEO role.
Don't you worry though, I'm sure the stock price will go up once it's announced that some of the 45,000 workers that made these obscene type of salaries happen will be laid off!
"Thanks for the dance... and cut yourself a slice'a throat! "
- Curly (HOI POLLOI, 1935)
|reply to vzhater |
That is one of the reasons I do not invest in Verizon as a equity holder. All they care about is themselves. McDonalds Corporation never pays their corporate office these obscene amount. the outgoing CEO, James Skinner made $ 1,391,667.00 salary, Restricted stock awards $1,670,500.00, Non-equity incentive plan compensation $11,530,000.00, Option awards $ $2,238,608.00, All other compensation $743,350.00 for a Total Compensation $17,574,125.00. At least he did not start with $20,000,000 like other CEOs that do nothing for the company. Plus he did very well for McDonalds during the 5 years he was CEO.