AT&T Chief’s Pay Jumped to $32 Million After Hedge Fund Battle
https://www.wsj.com/articles/at-t-chiefs-pay-jumped-to-32-million-after-hedge-fund-battle-11583962984
6 replies (most recent on top)
Someone else got a raise. Time for workers to get more mad.
So what did Elliot accomplish then? Not only has the waste at the top not been eliminated, it has gotten worse!
What a guy!
How much of his income per year do you suppose the CEO and his henchmen donate to charity? Specially now since it's no longer a tax write off
The only purpose for the Board of Directors is to collect $500k in perks and fees to rubber stamp Randall’s decisions and boost the pay of C-suite management!!! Other than that they have no real purpose!!!
AT&T Inc. T -5.66% Chief Executive Randall Stephenson received $32 million in compensation last year after a headline-grabbing hedge fund battle ended up boosting the telecom and media giant’s share price.
Mr. Stephenson’s overall compensation climbed 10% in 2019 almost entirely on the strength of AT&T’s stock appreciation. Shares of the Dallas company gained about 37% during the year.
Pay for John Stankey, the company’s No. 2 executive and head of its WarnerMedia division, rose to $22.5 million in 2019, up from $16.6 million a year earlier. As with other executives, the media boss’s long-term stock and option awards dwarfed his annual cash salary.
Former telecom division chief John Donovan’s 2019 compensation jumped to $27 million, including nearly $10 million in other pay that included a retirement bonus. Mr. Donovan ran the lion’s share of AT&T’s operations until his abrupt departure in August. AT&T later gave Mr. Stankey the additional title of chief operating officer, a new post that reports directly to the CEO.
AT&T spent the last months of 2019 contending with a public challenge from hedge fund Elliott Management, which criticized some of the company’s decisions and questioned its handling of Mr. Donovan’s departure.
The standoff ended in a truce that kept top executives in their posts and spurred a stock buyback plan. AT&T spent $4 billion retiring its shares in the fourth quarter.