Qwest Pays Nacchio to Stay
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