AT&T’s CEO, Randall Stephenson, saw the value of his pay package fall 17 percent to $15 million in 2008, a reduction he asked for as heavy iPhone subsidies ate into earnings and the company lays off thousands of workers, reports BusinessWeek.
The Dallas-based company said yesterday in a regulatory filing that Stephenson asked the board not to pay him a bonus for 2008 because of the recession and AT&T’s plans to cut 12,000 jobs, or 4 percent of its work force. The job cuts, which will happen throughout 2009, were triggered by the economic crisis and the continued erosion of AT&T’s landline telephone business.