Verizon Communications Inc. Chief Executive Officer Lowell McAdam’s total compensation more than tripled to $23.1 million after the company’s shares rose 11 percent since his promotion from chief operating officer.
Wireless growth and a jump in the share price since his appointment on Aug. 1, helped push McAdam’s salary to $1.4 million from $913,462 in 2010, when he was COO. McAdam’s stock options more than quadrupled to $18.8 million in 2011, Verizon said in a regulatory filing today.
Shares of New York-based Verizon, the nation’s second-largest phone company, which co-owns the largest U.S. wireless carrier Verizon Wireless with Vodafone Group Plc, gained 12 percent in 2011.
McAdam replaced Ivan Seidenberg the former chairman and chief executive officer who retired last year. Seidenberg’s total compensation for 2011 was $26.5 million, which included a base salary of $2.1 million and stock awards of $19.5 million. In 2010, Seidenberg’s total pay was $31.9 million, according to the filing.
Verizon rose 0.2 percent to $39.65 at the close in New York.