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Unions Target Verizon CEO’s Pay – Verizon says CEO pay is a red herring…
In: VoIP
9 Apr 2007
The AFL-CIO, the largest US trade union federation, is making Verizon CEO Ivan Seidenberg the “poster child” for its campaign against excessive executive pay, notes the Financial Times. Seidenberg has earned more than $109 million in the past five years ($20.2 million last year) — despite negative total shareholder returns during the same period of about 5%, says the AFL-CIO.
Verizon says CEO pay is a red herring. “This is really about the union’s disputes with Verizon on organizing issues and has nothing to do with CEO compensation,” says a spokesman. Verizon stock has jumped 10% in the last year despite heavy spending on FTTH (AT&T’s jumped 45% in that same period). AT&T CEO Ed Whitacre made $32 million in 2006, while Comcast CEO Brian Roberts made $27.8 million.
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1 Response to Unions Target Verizon CEO’s Pay – Verizon says CEO pay is a red herring…
Laura Unger
April 11th, 2007 at 11:09 am
In regards to the Verizon spokesman’s point that the Union is only targeting Seidenberg because of organizing issues, the fact that they are denying workers a chance to have a Union negotiate a Contract for them just makes Seidenberg’s pay more obscene. It was nice of him to point it out. I’m sure Seidenberg’s Contract not only includes his pay but a huge golden parachute (while worker’s pensions have not increased in years); and hundreds of other perks that he can’t live without.