Verizon Hands Seidenberg a Big Raise
Verizon (VZ) CEO Ivan Seidenberg got a 25% raise last year for total pay of $26.5 million.
The raise came largely in the form of stocks. The New York-based phone shop gave Seidenberg $19.2 million worth of stock awards last year. Seidenberg’s $2.1 million salary, however, remained the same as it was in 2006.
Verizon shares rose 48% last year.
I agree thats just insain, when fist level managers basical run the buisness with and loose everything. If we spent less time worrying about the union managers could run the buisness, In my heart I hope the company succeed however as a first level manager it is hard to stay highly motivated in and environment with so much politics and bureacracy, back stabbing, all about me culture. Strengthing the culture starts at top how much does ivan give to charity organzizations in the community were he sells his products and services? if he derserves the raise fine however dont forget were you came from Ivan or the employees who are still managing your opertaions accross the regions.
Way to go Ivan!I lose my pension & retiree health coverage.Take away my overtime pay & my health coverage cost goes up every year.And the best part is the people who WORK FOR ME have pension’s ,overtime & FREE health benefets.So happy to be a manager in your company.Congrats on your raise.
The extra money for Ivan’s big salary was taken from the money saved by stealing all of management’s pension and retiree medical benefits. This is the only major telco where the hourly benefits are alot better than the management benefits. In this company folks don’t want to be promoted into management. A person would lose too much money.
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First level managers run the business????? That must be a joke. There has’nt been a first level manager hired in the past 10 years that knows what he or she is doing. 90% of them have never even done the job in which they are managing people of. No one but the workers has more of an understanding of what VZ needs to survive and how to treat customers. Managers are now (and I feel bad for them) beaten down from above because all that matters is their numbers. Ever since Ivan made Verizon, this company is run by Wall St. Verizon has pushed its customers and workers aside for the almighty $$$$$.
As far as Ivan’s pay….Remember in “99 when the stock was in the mid 60’s its gone down ever since and his pay has been the opposite.
It’s sad really how a certain population of society can fail but still gain and the rest of us have to suffer and be blamed for the mismanagement of them.