Verizon Retirees Fight ‘Automatic’ Executive Bonuses

Verizons top executives might not be feeling very affectionate toward the companys retirees.

The Association of BellTel Retirees Inc. is asking Verizon shareholders to support a resolution that would allow the company to pay certain stock bonuses only when Verizons stock performance is at least as strong as the median of peer companies, The Record reported.

Regardless of performance, Verizon pays up, even if the executive is terminated or retires,” The Record quoted C. Williams Jones, the president of the 112,000 member association. Senior executives can get 50 percent of their target award even if the company performs below the 30th percentile in its peer group.”

A Verizon spokesperson, Robert Varettoni, told The Record that the company’s board opposes the resolution and that some of the retirees’ statements were false and misleading. The retirees proposed the same resolution last year but were unsuccessful, Varettoni said.

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