Randall Stephenson, the CEO of AT&T who spent 2017 feuding with his frenemies in the administration of President Donald Trump, earned a total compensation package of $28.7 million, according to a proxy statement AT&T filed with the SEC.
That was just a tiny bit more than the $28.4 million total package he took home in 2016. Senior EVP and CFO JohnStephens, saw his pay package rise 20% to just shy of $13.9 million.
For Stephenson, the past year has been like a trip through the funhouse. With the $85 billion Time Warner acquisition on the goal line and a pro-business president surprisingly taking office in Donald Trump, it seemed like the megadeal would close and all would be well. Then, Trump’s appointee as the head of the Justice Department’s antitrust division, Makan Delrahim, entered the scene and hit the brakes on the deal, citing anti-competitive issues that he said would harm both customers and rival companies. The DOJ filed a lawsuit aiming to block the deal on Nov. 20. The year at least ended on an up note for Stephenson, with Trump’s tax overhaul putting wads of cash in the company’s holiday stocking.
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The makeup of the AT&T board is not set to change in 2018, with the 12 independent directors returning for another one-year term, subject to shareholder approval. AT&T noted that its board is 30% female and 23% people of color, with 54% of directors having been on the board for five years or less.
Along with the proxy, AT&T also said it has scheduled its annual shareholder meeting for April 27 in its corporate hometown of Dallas. That date presumably will be after the conclusion of the upcoming legal showdown with the Justice Department, which begins March 19 in Washington.
“The next step in executing our strategy is our pending acquisition of Time Warner,” Stephenson wrote in his letter to shareholders, which was included with the proxy. “Despite the U.S. Department of Justice’s decision to challenge this acquisition in court, we remain confident we will complete this merger, and we look forward to bringing its benefits to both our customers and investors.”
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