Alcatel-Lucent Cuts Combes Pay After Criticism From Politicians
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Alcatel-Lucent SA reduced the compensation package of former Chief Executive Officer Michel Combes, caving in to pressure from French politicians calling his remuneration excessive.
Combes will receive cash instead of stock, with a bonus of a maximum of 4.85 million euros ($5.5 million) and a non-competition payment of 3.1 million euros, the Paris-based network-equipment maker said in a statement Friday. The reward is subject to social charges and taxes so the amount Combes receives will be less. Alcatel-Lucent had previously said Combes would get stock over three years worth about 13 million euros at current prices.