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Summary:

AT&T (NYSE: T) CEO Randall Stephenson will forgo his bonus and will freeze the salaries of 120,000 managerial employees this year, as tough…

AT&T (NYSE: T) CEO Randall Stephenson will forgo his bonus and will freeze the salaries of 120,000 managerial employees this year, as tough times require the company to cut back. Reuters reported that employees were alerted to the changes in a memo sent out on Friday.

AT&T wouldn’t tell Reuters how much Stephenson’s bonus amounted to, but it’s typically 25 percent of his overall compensation, and in 2007, it totaled $4.5 million. It is unclear if the freeze will affect all divisions, however, wireless continues to be a bright spot. In December, AT&T said it would cut 4 percent of its workforce, or about 12,000 jobs, but that it would be staffing up in areas such as wireless, video and broadband.

  1. Tough times at T. I guess since Obama took office their illegal wiretapping business went into a tailspin, and things just haven't been the same. lol

    Does your step uncle expect to keep his job doing whatever (wiretapping?) he does?

    GD

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  2. This is nuts: stop bonuses and raises and expect the economic situation to improve in this country? Bonuses and raises are essential to improving the free market economy. Why is it so easy for Americans to say yes to government bail-outs, loser spending bills and future increases in the size of government? Americans should say yes to bonuses and raises. Do you want socialism and redistribution of wealth through the government machine or do you want a free market economy? What do you want people? I want free market economy, bonuses and raises and i don't want bigger government. AT&T is wrong to not pay bonuses and give raises to its executives or its managers rank and file. AT&T is doing the wrong thing… The board of directors at AT&T want socialism to prevail.

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  3. just a sick move on his part caue contract with union is up soon.this guy will get his bonus money through low options which will be worth more than his bonus would have been.He's a sly one MR Grinch.Why dosent he step up to the plate and offer to work for 1$ a year with NO stock options for the life of next contract .Why ?cause hes not serious about saving the company money ,hes only serious about porking the American worker

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  4. so duce, you think he should have taken the bonus? And if you haven't noticed, nobody at the T is making money on stock options with the stock at $25.

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  5. So you don't think that bloated bonuses are a problem in this country…why banks asking for TARP money are still handing them out? They have been out of wack for way too long….why reward failure at the same time?

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  6. all of Randall Stephenson bonus last year totaled 14 mil. How do yo think he will get his monies this year if its not on the backs of his employees

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  7. I find Mr Randall's decision to not accept his bonus ironic. With a contract that will expire on 04-04-09 he wants to look good in the public eye. With Bargaining starting this month 02-24-09 it will be very trying times . We are a strong Union that believes in protecting our wages and healthcare. This only benefits communities , we spend in our communities , we give to charities, we do not burden tax payers for unpaid medical expenses. Corporate GREED is why our nation is where it is. They hire workers overseas to do our jobs at pennies on the dollar. American should be outraged at this practice. These countrys should not have access to any of mine or your personal information. Its very frustrating when you call for help on your account and the person says "Hi this is BOB" and you know damn well his name is not BOB because his accent is so thick that you barely understand him and he has to repeat everything you say and type it into a computer to be able to translate your problem. The point I'm trying to make is he only declined his bonus for sympathy from the American people. Please do not play into that. He is a greedy CEO who cares nothing about his employees. He laid off thousands of workers the week before Christmas. ATT is not losing money , is very profitable and buying up smaller companys left and right. I guess we could call him MR. GRINCH …..My question to Mr. Randall would be "Why didnt you decline bonuses in the previous years ?" " Why don't you take that bonus and help the less fortunate people in the world?" God knows right now with our economy the way it is, any legitimate charity could use his bonus to provide food , help pay utilities, and provide MEDICAL CARE to the less fortunate or into our school systems to help our children.

    STAY UNITED DURING THESE TUFF TIMES AND WE WILL PREVAIL !!!!!!

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  8. No raise for me Tuesday, February 24, 2009

    So the CEO gave up his bonus only to receive a few hundred thousand shares of stock at $0 a share. He then sold them at $25 a pop for a profit of around $3.5 M the day before announcing that he would forego his bonus and freezing manager's salaries…
    http://finance.yahoo.com/q/it?s=T

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  9. I placed an order for upgrade DSL speed, but it took 6 days and still hadn't set up for me. Such a stupid company should close down.

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  10. Lynn Myers Monday, May 4, 2009

    Sorry post is so late, however just came across this blog. I'm an AT&T employee and it was our company newsletter that Mr Stephenson, did not accept his bonus and accept shares instead. Following day it was reported the shares were sold to total about 24 million. The company did not report this however it was in union newsletter. And the managers were compensated also however it was not under the terms "Team Award" this I know to be true from family members. He should be considered GREEDY CEO also.

    I'm a service rep and my bonuses has gone from about $1,000 to nothing. Also, majority of customer service calls are routed outside of California, where the reps' jobs depend on sales, so many customers are given products or services they don't want and later have to call to cancel. Management is well aware of this and one's comment was "it's the casuality of war, you lose about 10%" . WOW!

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