Verizon CEO's 2008 compensation tops $20 million

Ivan Seidenberg, chairman and CEO of Verizon Communications (NYSE:VZ), took home roughly $20.2 million in compensation - including pay, vested stock and exercised option awards - in 2008, according to documents filed last week with the Securities and Exchange Commission.

His compensation includes a $2.1 million salary, $3.7 million bonus, $13.1 million in stock and option awards, $946,754 in perks (including $143,489 for personal use of a company aircraft), and $322,862 in deferred compensation earnings.

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Overall, Seidenberg’s $20.2 million compensation is down slightly from 2007, when he took home nearly $20.4 million. His $2.1 million salary is unchanged from 2007, and the value of stock and option awards is almost equal. His bonus fell 12% from $4.2 million.

While Seidenberg’s total compensation declined slightly compared to his 2007 package, Verizon posted solid increases in income and revenue for its fiscal year ended Dec. 31.

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For 2008, Verizon posted net income of $6.4 billion, a gain of 16% over its 2007 profit. Revenue came in at $97.4 billion, up 4.2%. For 2007, Verizon recorded $5.5 billion in net income and $93.5 billion in revenue.

Seidenberg’s total pay is calculated using data supplied in a preliminary proxy statement filed with the SEC on Feb. 26. 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.