Pay went up, bonuses went down for top AT&T executives.
The telco's proxy shows that Chairman Mike Armstrong got a 21% salary increase to $1.7 million. But the company's dismal stock and financial performance prompted the board of director's compensation committee to slice his bouns 72% from the $2.3 million he received in 1999. Of course, that still left Armstrong with a $650,000 bonus for the years.
The story was similar for AT&T Broadband Chairman Dan Somers. His salary jumped 43% to $800,000, the first full year he served as head of the cable division (Somers was previously AT&T CFO). But Somers' bonus dropped 86% to $100,000. He also did not get the $3.8 million in restricted stock awards he did 1999.
- John Higgins