Verizon Communications (NYSE: VZ) CEO Lowell McAdam's compensation tripled to $23.1 million since being promoted from COO last July.
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McAdam took over the CEO reins from Ivan Seidenberg who retired last year.
Ongoing growth in its wireless division and an increase in the share price drove up McAdam's salary from $913,462 in 2010 to $1.4 million in 2011. At the same time, the service provider said in a regulatory filing his stock options rose to $18.8 million in 2011.
In 2011, Verizon's shares increased 12 percent.
While wireless continues to be the star performer in its overall portfolio, McAdam still has some key challenges related to the wireline division in 2012.
One of the issues is finalizing an agreement with two wireline unions--the Communications Workers of America (CWA) and International Brotherhood of Electrical Workers (IBEW). Union workers went on strike over concessions that McAdam called for over health care plan, pensions, and sick time.
For more:
- Bloomberg has this article
Year in review 2011: Verizon's wireline strike saga
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