Verizon: Seidenberg made off with $17.5 million in 09

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.

For more:
- xChange has this article

Related articles
Verizon's former COO Strigl gets hefty retirement package
Verizon Q4 09: Wireline losses drive more job cuts
Verizon swings layoff axe in New York
Verizon to axe more jobs
Verizon: COO Dennis Strigl to retire by end of 2009

Suggested Articles

Segra, one of the largest fiber infrastructure companies in the Eastern U.S., has bought NorthState for an undisclosed sum.

IBM CEO Arvind Krishna is looking to right the ship and return Big Blue to profitability by reducing the workforce.

HPE is picking up the pieces from a rocky Q2 due to supply chain issues related to the coronavirus pandemic.