While it's hard to feel bad for anyone that makes over $10 million a year, even well-paid telecom executives like Verizon's CEO Ivan Seidenberg weren't immune to 2009's economic woes. Last year, Verizon's top dog saw his compensation decrease 14 percent to $17.5 million from $20.3 million in 2008.
According to SEC guidelines, Verizon filed a preliminary annual meeting proxy for SEC review in February. The company followed this up yesterday by filing a final proxy.
Since the telco's adjusted per-share earnings dipped below its targeted range, Seidenberg and his fellow executive team members got 75 percent of their short-term plan award last year.
Seidenberg significantly trailed fellow RBOC leader Randall Stephenson, CEO of AT&T, who earned $29.2 million in 2009. Interestingly, Verizon's former COO Dennis Strigl, who retired late last year even surpassed Seidenberg. In 2009, Strigl's overall pay was $29.1 million.
- Wall Street Journal has this article
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