Verizon CEO’s pay drops by 14% amidst layoffs

www.WirelessFederation.com/news: Due to the decline of the company’s fixed-line phone business, the compensation of Verizon Communications Inc.’ CEO Ivan Seidenberg has decreased by 14 percent in 2009. The fall in the salary came amidst layoffs carried out in the company.

Compensation valued at $17.5 million had been received by Seidenberg down from $20.2 million the year before. The decline in the value of performance stock units from $13.1 million a year ago to $11.1 million also came as a biggest hit to his pay.