Verizon shareholders endorse execs' pay packages

May 07, 2009

(AP) -- Verizon Communications Inc. shareholders have overwhelmingly endorsed the pay package for its top executives.

Even a leading critic of the compensation - Bill Jones of the Association of BellTel Retirees - says the 90 percent vote in favor of the package shows most shareholders are pleased with the direction of the communications company.

The "say on pay" vote was announced during the company's annual meeting Thursday in Louisville, Ky.

During a questions and answer session with shareholders, Verizon CEO Ivan Seidenberg said he was pleased that most shareholders decided that the compensation package is "competitively priced."

Seidenberg says New York-based Verizon has outperformed the broader market in recent years.

Calculations by The Associated Press have valued Seidenberg's compensation at $20.2 million in 2008.

©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Explore further: Netflix branches into films with 'Crouching Tiger' sequel

add to favorites email to friend print save as pdf

Related Stories

Verizon shareholders to vote on executive pay

May 06, 2009

(AP) -- A movement to give shareholders influence over compensation awarded to company executives gets an early test Thursday as Verizon Communications Inc. becomes the latest to hold a "say on pay" vote.

Intel CEO gets $12.4M in 2008 pay

Mar 23, 2009

(AP) -- The value of Intel Corp. Chief Executive Paul Otellini's compensation package rose slightly to $12.4 million in 2008, a year in which the chip maker's profit was whacked by a global slowdown in personal computer ...

After error, Apple giving investors 'say on pay'

Apr 27, 2009

(AP) -- Apple Inc. investors will get an advisory vote on executive compensation, the company said Monday, reversing an earlier announcement in which Apple said the "say on pay" proposal failed to get enough support at the ...

Recommended for you

The New York Times to cut 100 newsroom jobs

3 hours ago

The New York Times Co. says it is cutting about 100 newsroom jobs through buyouts and layoffs in an effort to trim costs and focus more on its digital efforts.

What's PayPal's first solo move?

23 hours ago

PayPal's impending split from long-time partner eBay Inc. will ratchet up its appeal to online retail competitors such as Amazon.com and give it the freedom to aggressively take on new mobile pay challeng ...

AOL to feed more video, news to Microsoft's MSN

Sep 30, 2014

AOL will provide Microsoft's MSN with more video and additional news stories from popular sites such as The Huffington Post and TechCrunch in an expansion of a deal aimed at selling more digital advertising.

User comments : 0