Qwest Pays Nacchio to Stay

While everyone else at Qwest Communications International Inc. (NYSE: Q) is riding the light, its chairman and CEO Joseph Nacchio is raking in the green.

The company paid Nacchio some $27 million last year, according to a filing the company made with the Securities and Exchange Commission (SEC). That sum doesn't include Nacchio's stock options. It does, however, include a $24,374,091 payout as part of a long-term incentive plan, the filing states.

Nacchio received $96.2 million in salary, bonuses, and stock in 2000, according to the filing.

The filing states that Nacchio was supposed to get a base salary increase to $1.5 million from $1.2 million on January 1, 2002. As of March 1, his bonus was set to increase to 250 percent from 200 percent of his base salary. Nacchio, however, magnanimously delayed the effective date of both pay raises until April 1, 2002, the filing states. [ed. note: What a guy!]

If Nacchio's ever fired or if he resigns "for good reason," such as a change of control of the company, he's slated to get two times his annual salary, the filing states (see Qwest: Ciao Nacchio?).

Also in 2001, Qwest's president and COO Afshin Mohebbi received a salary of $766,923, a bonus of $593,306, and other compensation totaling $287,163, which "includes... $21,004 attributable to his personal use of corporate aircraft."

Nacchio, 52, has been Qwest's top executive since April 1999. Before Qwest he spent some 26 years with AT&T Corp. (NYSE: T).

Qwest shares were down $0.69 (9.8%) to $6.32 in early afternoon trading. A year ago Qwest's stock traded at $34.80.

— Phil Harvey, Senior Editor, Light Reading
jssreenath 12/4/2012 | 10:37:58 PM
re: Qwest Pays Nacchio to Stay I will volunteer to go there and stay for 1/4 of the Nacchio Price, because I am a nice guy. What a cool company, they allow for personal use of the corporate jet? Thats great, I am happy when I get a free lunch. The poor share holders, but it must be great to be an executive at Qwest; you can drive the company into the ground and still get millions in bonuses! I want that retirement plan, forget this 401K BS.
bitdropper 12/4/2012 | 10:37:56 PM
re: Qwest Pays Nacchio to Stay oce_sd: Funny post!!!
fon_guy 12/4/2012 | 10:37:53 PM
re: Qwest Pays Nacchio to Stay Sorry, you're not qualified.

You need to take a course in obfuscation.
jssreenath 12/4/2012 | 10:37:52 PM
re: Qwest Pays Nacchio to Stay One entry found for obfuscate.

Main Entry: ob-+fus-+cate
Pronunciation: '+b-f&-"skAt; +b-'f&s-"kAt, &b-
Function: transitive verb
Inflected Form(s): -cat-+ed; -cat-+ing
Etymology: Late Latin obfuscatus, past participle of obfuscare, from Latin ob- in the way + fuscus dark brown -- more at OB-, DUSK
Date: 1577
1 a : DARKEN b : to make obscure
- ob-+fus-+ca-+tion /"+b-(")f&s-'kA-sh&n/ noun
- ob-+fus-+ca-+to-+ry /+b-'f&s-k&-"tOr-E, &b-, -"tor-/ adjective
bitdropper 12/4/2012 | 10:37:52 PM
re: Qwest Pays Nacchio to Stay "You need to take a course in obfuscation."

We already know how to make things go dark. We're all in the optics biz, remember. :)

(And yes, I did have to look up "obfuscation") :)

green 12/4/2012 | 10:37:46 PM
re: Qwest Pays Nacchio to Stay why are CEOs like Nacchio, Ken Lay getting paid big bucks to run the companies to the ground? I can tolerate their pay when the going is good but not when they are running the company down ?why can't I be a CEO ? what am I doing wrong with my career ?
bistro727 12/4/2012 | 10:37:40 PM
re: Qwest Pays Nacchio to Stay Well, I think the corporate jet is a valid and necessary expense - - - otherwise, they'd need to fly United or something with a planeload of angry shareholders to the annual meeting in Dublin, OH.

Nice move, that was, to change the venue from the charged atmosphere here in Denver to a small town 1,200 miles away that most retiree-shareholders can't travel to. Guess Joe's earning his money after all...
let-there-be-light 12/4/2012 | 10:37:23 PM
re: Qwest Pays Nacchio to Stay Green asked, "What am I doing wrong with my career?"

What are you DOING? you mean you are actually doing something, as opposed to focusing on your golf game?

Now, that is the area we need to work on first...
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