occupy verizon: kennytroll ? Verizon CEO's Total Compensation More Than Triples To $23.1M 03/19 05:20 PM NEW YORK (Dow Jones)--Verizon Communications Inc. ( VZ:$38.23,00$0.16,000.42%) more than tripled Lowell McAdam's total compensation last year after he took over the chief executive job at the telecommunications company in August.
McAdam, who previously served as chief operating officer of Verizon ( VZ:$38.23,00$0.16,000.42%) and CEO of Verizon Wireless, took in $23.1 million last year, a jump from $7.2 million in 2010, according to Verizon's ( VZ:$38.23,00$0.16,000.42%) annual report released Monday. Verizon ( VZ:$38.23,00$0.16,000.42%) boosted McAdam's salary by 53% to $1.4 million and increased his stock awards more than four-fold to $18.8 million.
His package contrasts with that of rival AT&T Inc. ( T:$31.23,00$0.02,000.06%) CEO Randall Stephenson, whose total 2011 take fell by more than $2 million to $22.02 million, due in part to the failure of his bid for Deutsche Telekom AG's ( DTEGF:$12.18,00$0.18,001.50%) (DTE.XE, DTEGY) T- Mobile USA following regulatory resistance.
Under McAdam, Verizon Wireless last year reached a deal to buy $3.9 billion in wireless airwaves from a group of cable companies and began offering the popular Apple Inc. ( AAPL:$599.55,00$-10.31,00-1.69%) iPhone and iPad for the first time. Soon after McAdam took the top post at Verizon ( VZ:$38.23,00$0.16,000.42%) , 45,000 union workers walked off the job for two weeks to protest benefits cuts McAdam still is seeking, as the workers continue to operate under an old contract. |
