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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.