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For a link to the Verizon proxy statement which presents the information on which the report below was based, see Note: The Association of BellTel Retirees Inc., referenced in the report below, supported the organization of the Verizon Forum, and its President, C. William Jones, was a member of the Advisory Panel for the Options Policies Forum which provided the foundation for this program. Mr. Jones is also serving as a panel member for the Verizon Forum's March 27, 2008 open meeting. |
Associated Press (as published by BusinessWeek), March 17, 2008 article
(also published by New York Times, Wall Street Journal and Yahoo!)
 The Associated Press March 17, 2008, 8:36PM ET Verizon CEO's pay inches up to $20.3MNEW YORK Ivan Seidenberg, the chief executive of Verizon Communications Inc., received $20.3 million in compensation in 2007, up slightly from $20.2 million the year before, according to a regulatory filing Monday. Seidenberg's bonus was $4.2 million, down $52,500 from 2006. His stock award was virtually the same as in 2006, about $13.1 million, and his salary remained $2.1 million. The New York-based telecommunications company's stock rose 17.3 percent in 2007, as Wall Street started to overcome its skepticism about the company's expensive plan to make fiber-optic connections available to most customers in its local-phone service area. However, the stock has lost all those gains and more in 2008, closing at $34.61 Monday, about 7 percent below the 2006 year-end close. Verizon's board noted that the company met or exceeded the targets on which it bases executive compensation, including earnings per share for the year. Verizon is one of the few major companies that have decided to give shareholders a voice on executive compensation. At the annual meeting next year, shareholders will vote on whether the 2008 compensation package is reasonable. The vote will be not binding, but a "no" result could be embarrassing to the company. Shareholders last year voted by a slim margin to accept a nonbinding proposal put forward by The Association of BellTel Retirees to institute such a vote. The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission. Seidenberg's $20.3 million compensation in 2007 included perks worth $825,312, including $149,023 in personal use of a company aircraft, and $431,395 in contributions to a deferred-savings plan. ------
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