Funny how the layoffs happen, and also Qwest refusing to pay City of Portland
while this joker lives the fat life. A few of my suffering friends whose families are doing without could use some of this cash.
The American Dream is all about being well connected and cooking the books.
Qwest CEO compensation hits $217.3M
Wed Apr 10, 6:31 AM ET
Andrew Backover USA TODAY
Qwest Communications CEO Joseph Nacchio doesn't appear to be sharing in his company's problems.
His compensation last year, including pay and potential gains from stock option grants, was $217.3 million, according to an analysis for USA TODAY by the non-profit Investor Responsibility Research Center (IRRC).
That's tops so far among telecom executives at major companies that have revealed CEO pay for 2001. And it's one of the top pay packages for all of last year, based on an analysis of CEO pay at 267 companies with revenue of $1 billion or more, IRRC says.
The disclosure Tuesday in Qwest's proxy filing comes at an awkward time for the major local phone company in 14 states.
The Securities and Exchange Commission (news - web sites) is investigating its accounting. Qwest shares, which closed at $7.01 Tuesday, are 83% off their 52-week high of $41.83 in April 2001. It posted a net loss of $4 billion last year. And it's strained by $25 billion in debt.
''The timing couldn't be worse,'' says Jeff Christian, CEO of executive search firm Christian & Timbers. ''All eyes are looking at big compensation packages for underperforming companies. Many of these companies could use the cash more than the CEOs can.''
* Salary of almost $1.2 million, a 27% jump over 2000. But his bonus dropped 32% to $1.5 million.
* More than $74.5 million from exercising stock options.
* Long-term incentive pay of $24.4 million.
* Other compensation of $229,705, including $136,745 for use of corporate aircraft.
* Stock options potentially valued at $115.6 million, according to IRRC. The shares are now worthless, since Qwest's share price is lower than the $16.81 exercise price of the options.
But Nacchio's potential payoff eclipses the $154.9 million that Edward Whitacre, CEO of phone company SBC Communications, could get. It also tops his CEO peers at Sprint, AT&T, BellSouth and Verizon Communications.