Verizon CEO's compensation falls 13% to $17.5 million

Ivan Seidenberg’s total compensation declined 13% compared to his $20.2 million package in 2008


Verizon CEO Ivan Seidenberg’s total compensation in 2009 declined 13% compared to his $20.2 million package in 2008.

Ivan Seidenberg, chairman and CEO of Verizon Communications (NYSE:VZ), took home roughly $17.5 million in compensation in 2009, according to documents filed this week with the Securities and Exchange Commission. His total compensation fell 13% compared to 2008

Seidenberg’s 2009 salary was $2.1 million, which is unchanged from 2008. He earned performance-based cash compensation worth $3 million, down 21% from $3.7 million in 2008.

CEO payday: How much tech chiefs made in '08

The estimated value of stock and option awards granted to Seidenberg during 2009 was $11.1 million, down 15% from $13.1 million in 2008.

His other compensation and perquisites totaled $880,280 (down from $946,754 in 2008) and included $115,531 for personal use of company aircraft; $12,411 for personal use of a company vehicle; $10,000 financial planning allowance; $604,373 in company contributions to Seidenberg’s savings plan, life insurance benefit and deferred compensation plan; and $137,967 for taxes associated with his personal travel and life insurance. Seidenberg’s pay package also includes deferred compensation earnings of $473,389.

CEOs still getting big perks despite pay backlash

Overall, Seidenberg’s total compensation declined 13% compared to his $20.2 million pay package in 2008.

As a company, Verizon grew revenue during its fiscal year ended Dec. 31, but its net profit fell significantly

For 2009, Verizon posted revenue of $107.8 billion, an increase of 11% over $97.1 billion reported a year earlier. Its net income came in at $10.36 billion, a decline of 18% from $12.58 billion in 2008.

Seidenberg’s total pay is calculated using data supplied in a preliminary proxy statement filed with the SEC on Feb. 23. The following figures are taken from the summary compensation table: salary, bonus, non-equity incentive plan compensation, nonqualified deferred compensation earnings, and all other compensation (perks). Added to those figures is the estimated value of stock options and awards granted during the year; that figure is taken from the table that summarizes grants of plan-based awards. The calculations don't include changes in the value of pension benefits.

View Comments
You Might Like
Join the discussion
Be the first to comment on this article. Our Commenting Policies