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Thursday, March 11, 2010

AT&T CEO Stephenson's Pay Jumped To $29.2 Million In 2009

By John Kell

Dow Jones Newswires

DOW JONES NEWSWIRES

AT&T Inc. (T) Chairman and Chief Executive Randall Stephenson's pay package last year nearly doubled to $29.2 million on changes in pension value and incentive-plan compensation.

His package in 2008 totaled $15.8 million.

But according to a Securities and Exchange Commission filing, the telecommunications company said its executive officers did not receive an increase in salary last year. According to the company, the differences in salary resulted from salary increases that typically occur in March of each year. As a result, the 2008 amount includes two months of the 2007 salary rate.

Stephenson, for example, had a 2009 salary of $1.45 million, up from $1.42 million in the previous year. But the big changes were the $5.9 million in nonequity incentive-plan compensation for last year--versus none in 2008--and $9 million from the change in pension value and nonqualified deferred compensation earnings. The 2008 figure was $764,772.

Meanwhile, wireless chief Ralph de la Vega and Chief Financial Officer Richard Lindner's 2009 compensation nearly doubled as well amid sharply higher stock awards and nonequity incentive compensation.

In January, AT&T reported earnings rose 26% on fewer charges as the company added the second-most wireless subscribers during a quarter in its history. AT&T has successfully used its exclusive agreement to provide service for Apple Inc.'s (AAPL) iPhone as a way to take a bit out of other companies' subscribership.

Shares were down a penny to $25.59 in after-hours trading.