LITTLE ROCK, Ark. (AP)--Alltel Corp. President and Chief Executive Scott T. Ford received compensation of more than $141.8 million in 2007 - including $107.7 million for taking the wireless company private, according to an analysis of a regulatory filing Thursday.
The $107.7 million included a payment of $25.2 million for Ford's "change in control agreement," related to Alltel's $24.7 billion buyout by TPG Capital and GS Capital Partners last year. It also included $30.8 million to cover Ford's income tax liability and a $51.6 lump sum payment of Ford's accrued retirement benefits, according to the company's annual report.
Ford received a $1.2 million base salary, $7.5 million in non-equity incentive plan compensation, $90,504 in above-market earnings, $120,571 in total perks, mostly aircraft use, $785,792 in retirement benefits, and the $107.7 million in payments related to going private. Ford remained the company's CEO after the buyout.
Ford also had stock and option awards that had an estimated value of $24.4 million.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
In 2006, Ford received $10.8 million in compensation - $971,154 in salary, $4.4 million in performance pay, $71,543 in above-market earnings, $3.98 million in stock and option awards and $1.36 million in perquisites and other compensation.
For fiscal 2007, Alltel turned a profit of $183.2 million, down 84% from 2006's $1.29 billion. The company had annual revenue of $8.80 billion, up 12%. The company had an average of 12.25 million customers for the year, up 10%.
(END) Dow Jones Newswires
Posted to the site on 21st March 2008
Posted to: www.cellular-news.com/story/30051.php