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.
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.
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.