Verizon shareholders approved the compensation of the company’s executive officers yesterday at its annual meeting.
According to its 2019 Notice of Annual Meeting of Shareholders and Proxy Statement filed with the U.S. Securities and Exchange Commission, this slate of male executives was compensated the following amounts for fiscal 2018, which was approved by shareholders:
CEO Hans Vestberg
Total Compensation: $22,206,086
Base Salary: $1,235,385
Bonus: $1,000,000
Stock Awards: $16,600,082
Non-equity incentive: $2,752,250
CFO Matthew Ellis
Total Compensation: $7,060,676
Base Salary: $792,307
Stock Awards: $4,800,020
Non-equity incentive: $1,308,000
Other: $160,349
CEO of Verizon Media Group Guru Gowrappan
Total Compensation: $12,752,938
Base salary: $603,448
Bonus: $1,999,998
Stock Awards: $8,695,827
Non-equity incentive: $1,020,000
Other: $433,665
Chief Administrative Office Mark Reed
Total Compensation: $7,352,470
Base Salary: $821,154
Stock Awards: $4,950,064
Non-equity incentive: $1,348,875
Other: $232,377
President of Verizon Consumer Group Ronan Dunne
Total Compensation: $6,714,126
Base Salary: $846,154
Stock Awards: $4,250,008
Non-equity Incentive: $1,389,750
Other: $228,214
Shareholders at Verizon’s Annual Meeting yesterday also voted against all five shareholder proposals on the ballot:
- Eliminate an investment option under the nonqualified savings plan;
- Adopt an independent chair policy;
- Issue a report on the potential online exploitation of children;
- Issue a report on the feasibility of incorporating cyber security and data privacy performance metrics into executive incentive compensation; and
- Amend the company’s existing policy providing for shareholder approval of executive severance arrangements.
Vote tallies are considered preliminary until the final results are tabulated and certified by independent inspectors of election.
RELATED: Attrition is about 17% at Infosys, the company Verizon is using for outsourced IT
While Verizon’s top executives rake in millions in base pay, stock awards and other compensation, the company has outsourced many of its IT workers to the Indian consulting firm Infosys, which recently said it planned to give raises of about 1% to 1.5% to its American workers.