Verizon raises salaries of CEO, others

Reuters News
Posted: Feb 11, 2014 4:31 PM

(Reuters) - Verizon Communications Inc said it raised Chief Executive Lowell McAdam's base salary by about 7 percent and his long-term bonus to 750 percent of his base salary from 625 percent.

McAdam's total compensation for 2012 was $14 million, with a base salary of $1.4 million, according to a regulatory filing in March.

The company also approved salary raises for Chief Financial Officer Francis Shammo and Verizon Wireless head Daniel Mead on Tuesday.

Shammo's total compensation for 2012 was $5.2 million while Mead's was $6.4 million.

The base salary adjustments take effect from March 2.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Don Sebastian)