Apparently failure is not an option when it comes to mega deals being pursued at AT&T, and no one knows this better than Chief Executive Officer Randall Stephenson.
For his role in AT&T’s failed $39 billion bid to buy T-Mobile USA, the company’s board cut Stephenson’s 2011 compensation by $2.08 million, AT&T disclosed in a filing with the Securities and Exchange Commission, according to the Associated Press. The figure reflects a cut in his cash bonus and stock options.
OK, Stephenson’s total compensation was still $18.7 million, but $2 million isn’t exactly chump change.
In the SEC filing, AT&T noted that while it had “strong operational performance” during the year (it made $3.9 billion), it took a big hit when it left T-Mobile at the altar, and someone has to help foot the bill. AT&T had to give its rival $4.2 billion in cash and spectrum rights, the AP reported.
Stephenson, however, wasn’t the only one to take a pay hit. The SEC filing also said the pay of other executive officers was docked.
Facing opposition from federal antitrust regulators, AT&T dropped its bid for T-Mobile in December.