Ten days ago, Verizon Communications Inc.s Lowell McAdam and Francis Shammo became much richer men.
As of Nov. 1, McAdam, now the president and COO of Big Red, and Shammo, the new executive vice president and CFO, each received hefty raises.
Verizon bulked up McAdams base salary by $575,000, for a total of $1.4 million, while Shammo got a $75,000 annual increase, up to $675,000.
Of course, that s not all the compensation to which McAdam, the heir apparent to longtime CEO Ivan Seidenberg, is entitled. His unspecified long-term incentive opportunity” now goes from 525 percent to 625 percent of his base salary. And dont forget, dude owns stock options.
Who says the economy is weak and everyones salaries are frozen?