Verizon's CEO Gets 14% Pay Rise to $15.7 Million
Published on: 18th Mar 2014
The CEO of US giant Verizon Communications secured a 14 percent pay rise last year taking his total income to USD15.7 million.
Most of the gains to Lowell McAdam's compensation came from USD9.4 million in shares -- up from USD8.7 million in 2012, and an incentive award worth about $4.2 million, up from 2012's $3.2 million incentive award.
McAdam also received $780,000 in other compensation, including more than $150,000 for home security and $120,000 for personal use of private aircraft.
Stock options and vested shares provided McAdam gains of more than $34 million, including $20.8 million exercising previously issued stock options, Verizon says in its annual proxy.
Verizon says the stock award can only be cashed in after 2015.
McAdam has been the CEO since August 2011 after leading Verizon Wireless from 2007.