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Verizon CEO Seidenberg Raked In $17.5M in 2009

Thirteen thousand Verizon Communications Inc. (VZ) workers lost their fixed-line jobs in 2009 and, as it turns out, CEO Ivan Seidenberg didn’t emerge from all the turmoil unscathed either.

Seidenberg made $2.7 million less last year than he did in 2008 – or, put another way, he raked in $17.5 million instead of $20.2 million.

The Associated Press did the calculations using data filed at the Securities and Exchange Commission. The numbers include salary, bonus, incentives, perks, stock options (estimated value) and awards.

Seidenberg’s compensation fell (although we are having a hard time feeling sorry for him) as Verizon’s profits dropped. The nation’s second-largest phone company netted 18 percent less income than it did in 2008, even though annual revenue was up by 11 percent.

The AP crunched the numbers not long after it came to light that Verizon will pay its retired COO $18.55 million later this year.


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