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VZ » Topics » Summary of 2007 Company Performance and Compensation Actions

This excerpt taken from the VZ DEF 14A filed Mar 17, 2008.

Summary of 2007 Company Performance and Compensation Actions

The following highlights the Company’s 2007 performance and summarizes significant compensation actions. A more detailed discussion may be found under Elements of Compensation.

 

  · Verizon reported strong financial and operating results in 2007 and delivered adjusted earnings per share results that exceeded the performance measure. Verizon Wireless achieved industry-leading results for key financial measures, including significant growth in service revenue and net income, and industry-leading net retail additions and customer loyalty. Verizon Wireline continued to perform well in a competitive market environment. In addition, Verizon Wireline continued to increase revenues in the most strategic areas of its business.
  · Verizon’s stock delivered a 28% total return to shareholders for the three-year period through 2007.

 

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Table of Contents
  · Based on 2007 corporate and business segment performance, 2007 annual incentive awards were paid at 14.7% above target for Mr. McAdam, President and Chief Executive Officer of Verizon Wireless, and at 6.7% above target for the other named executive officers.
  · Verizon’s named executive officers earned 76% of their targeted number of performance stock units (plus applicable dividend equivalent units) that were awarded to them as part of their 2005-2007 long-term incentive award opportunity. This percentage of performance stock units was based upon Verizon’s TSR relative to the companies in the S&P 500 Index and Verizon’s Industry Peers, which is discussed in more detail on page 27. In 2007, the named executive officers, other than the CEO, also received a portion of their annual long-term incentive value in the form of restricted stock units. These restricted stock units are linked with Verizon's stock price and promote executive retention and alignment with shareholder value.
  · In determining the 2005-2007 performance stock unit payment for Verizon's CEO, the Committee and the Board also evaluated the Company's performance relating to four strategic initiatives and, based upon Mr. Seidenberg’s leadership with respect to these initiatives, increased his 2005-2007 performance stock unit payment by $4.6 million in addition to the amount that was determined based on the relative TSR formula for all executives.
  · In connection with their promotions, Mr. Strigl and Mr. McAdam received base salary increases in 2007.

 

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