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 This material may not be published, broadcast, rewritten or redistributed.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: HP revenue inches up after years of decline

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

HP revenue inches up after years of decline

13 hours ago

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

16 hours ago

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

19 hours ago

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0