Blog Post

Verizon Execs Get Raises In 2007

Stay on Top of Enterprise Technology Trends

Get updates impacting your industry from our GigaOm Research Community
Join the Community!

Ivan Seidenberg, Verizon Communications (NYSE: VZ) CEO and Chairman, received $26.6 million in compensation for his performance in 2007, increasing from $21.3 million a year earlier. Denny Strigl received total compensation of $18.5 million, up from $14.6 million a year earlier. Lowell C. McAdam, the EVP and CEO of Verizon Wireless, received $18.1 million in 2007. All three executives received a majority of their compensation in the form of stock rewards.

The company, which is the second-largest U.S. wireless carrier, said Strigl and McAdam each received promotions during the year, justifying an 11.1 percent increase in Strigl’s base salary, and a 10.3 percent increase in McAdam’s base salary. In 2007, Strigl became President and COO of Verizon and McAdam became President and CEO of Verizon Wireless.

The salaries were revealed in the company’s proxy statement, which was filed with the SEC yesterday. Verizon said it will hold its annual shareholder meeting May 1 in Lincoln, Nebraska. Verizon’s compensation mirrored that of AT&T’s (NYSE: T) which also has a wireline and wireless division, and rewarded their executives for a good performance. Last week, AT&T said Randall Stephenson, AT&T’s chairman and CEO, received total compensation of nearly $22 million, jumping from $14.6 million in 2006. Stanley Sigman, who was president and CEO of AT&T Mobility until retiring at the end of the year, received compensation of $36.9 million, increasing from $28.6 million in 2006. His replacement Ralph de la Vega, who came from Cingular, received $12.4 million in 2007.

4 Responses to “Verizon Execs Get Raises In 2007”

  1. Lauren

    I hope these exec sees this and reads comments from all of us. I have Verizon and after reading this, it gets me sick. With how our economy is right now, I can't believe their getting raises like that and laying off hard working employees who really need that extra dollar. That is what should be on the news not American Idol. My God. Why can't Verizon be at least 1company to stand up and do the right thing. Lower exe. salary and keep the hard working employees who deserve their jobs.

  2. how the heck did this happen, they are loosing there a** in the wholesale side, fios subscriptions are going down , and Ivan said that his customers demand too much!
    Seems to be a trend with these rich execs, the more money they get the dumber and more detached they get from reality.

  3. Verizon is going bankrupt and these execs clowns get 20-million+ bonuses.
    Their having trouble providing customer service and customers are leaving Verizon.

  4. not suprised

    it amazes me how these two bozos get a huge bump in pay when the company as a whole has been laying off employees every quarter. Last year they dumped 25% of the workforce right before the end of the year, and now more employees just got notice that another HUGE layoff is coming at the end of the first quarter.
    I guess they had to make room for these pigs raises. Good job Ivan, maybe you can hire some of the ex employees to wash your yacht or do yard work at your mansion.