Qwest Communications CEO Edward Mueller received about $11.4 million in compensation in 2008, about $6 million less than the previous year, though 2007's total paycheck included a large signing bonus as Mueller came on board in the summer of that year. The information was gathered and calculated by the Associated Press.
Mueller accepted a bonus of $2.25 million on top of a salary of $1.2 million. The rest of the compensation was in the form of options and restricted stock worth $6.9 million when they were granted last March, the AP reports, but the value of those options has sunk because Qwest's stock price is now well below the authorized buying price.
While Mueller is the lowest paid of the CEOs for the country's three largest telcos, the financial performances of AT&T and Verizon Communications far surpasses that of Qwest. Is Qwest getting $11.4 million worth of effort from Mueller, and enough for him to accept a bonus while AT&T Randall Stephenson did not accept one?
The company's shareholders may soon get to weigh in with a meaningful opinion on that. At Qwest's annual shareholders meeting on May 13, there will be a vote on a proposal to allow Qwest's shareholders a nonbinding "advisory" vote on executive compensation, much like the one in place at Verizon.
- The Associated Press has this story
Qwest's Q4 earnings beat analyst estimates
Verizon in 2007 introduced a shareholder advisory vote on CEO compensation
AT&T's Stephenson was paid $15 million last year, but skipped a bonus