Local 3511 Member's Forum

It's a shame that this company fed our bargaining team so much crap about the economy and how the business could not move forward if they had to continue to pay for our health care. However, not a week after D3 ratified this new 'agreement' Randall Stephenson accepts a bonus of over $20million plus several million $s in perks and benefits. This is both an outrage and disgrace. Here is the article from Yahoo Finance courtesy of the A.P.

Peter Svensson, AP Technology Writer, On Thursday March 11, 2010, 4:56 pm EST NEW YORK (AP) -- The frugality of the recession eased in the 2009 pay package for AT&T Inc. CEO Randall Stephenson, who resumed taking a bonus and saw his compensation rise by one-third to $20.2 million, according to Associated Press calculations on a regulatory filing Thursday.... Last year Stephenson accepted a bonus of $5.85 million, according to the filing with the Securities and Exchange Commission. AT&T said Stephenson received a $1.45 million salary in 2009, a 2 percent increase over 2008. Most of his compensation was in the form of options and performance-based stock incentives valued at $12.1 million. (Who's performance do you think attributed to this? OURS..THAT'S WHO!!!) He accumulated more than $864,000 in perks, including nearly $216,000 in club memberships and $200,000 in life insurance premiums. He also got $140,576 in tax gross-ups,; which compensate for the taxes he pays on other benefits... The Associated Press' calculations of total pay includes salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations exclude changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.... Stephenson also had $6.9 million worth of stock vest in 2009. (imagine the dividends on all that stock) He didn't exercise any options, according to the filing.For all of 2009, AT&T earned $12.5 billion, or $2.12 per share, on revenue of $123 billion. That compared to 2008 earnings of $12.9 billion, or $2.16 per share, on revenue of $124 billion.
http://finance.yahoo.com/news/ATT-CEO-accepts-bonus-pay-apf-755844742.html?x=0