Verizon Communications may have taken reduced its headcount by 13,000 employees (mainly through a reduction in contract employees, transfers, an early retirements) last year due to slowing wireline revenues, but even CEO Ivan Seidenberg felt the affect of a slow year. His compensation was down by $2.7 million in 2009 from $20.2 million--which means he still earned a cool $17.5 million during the year.
Given the fact that Verizon's laid off workers have to now find new jobs in a tough economy, it is hard to feel any pity for Seidenberg's decreased 2009 earnings. These numbers, which were calculated by the Associated Press with data it obtained from the Securities and Exchange Commission, include not only his salary but also bonuses and related perks and stock options.
Interestingly, news of Seidenberg's 2009 compensation emerged days after it was revealed that Verizon's now retired COO Dennis Strigl will get an $18.5 million package from his former employer this July.
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