The Associated Press
Monday, March 21, 2011; 7:12 PM
NEW YORK -- The total compensation of phone company Verizon Communications Inc.'s CEO Ivan Seidenberg rose 4 percent to $18.1 million in 2010, according to an Associated Press analysis of a regulatory filing Monday.
The board of directors passed a similar judgment on his performance this year as last year, awarding him 100 percent of his compensation targets.
Seidenberg's annual salary was unchanged at $2.1 million. His performance-based cash bonus rose 33 percent to $3.9 million from nearly $3 million the year before, constituting most of the overall increase.
As in previous years, most of his compensation was made up of stock awards, worth $11.2 million.
Above-market returns on deferred compensation were $225,458, a 52 percent decrease from $473,389 a year ago.
The value of his perks, chiefly the personal use of company aircraft and company contributions to savings plans and life insurance, fell 20 percent to $707,644.
In 2010, Verizon's net income fell 48 percent to $2.5 billion, or 90 cents per share, from $4.9 billion, or $1.72 per share, in 2009. Revenue fell 1.2 percent to $107 billion, though it rose 3.9 percent excluding the summer's sale of landlines to Frontier Communications Inc. Verizon's shares rose 8 percent during the year.
In calculating executive compensation, the AP includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The figures don't include changes in the present value of pension benefits, making the AP total different in most cases from sums the total reported by companies to the Securities and Exchange Commission.
Seidenberg, 64, has designated Chief Operating Officer Lowell McAdam as his successor, and has said he will hand over the reins at the New York company later this year.
AT&T Inc. is the only U.S. telecommunications company that is larger than Verizon. Its CEO, Randall Stephenson, received $20.2 million in compensation last year, unchanged from 2009.