AT&T CEO asked for — and got — less compensation despite promotion

https://www.bizjournals.com/dallas/news/2021/03/11/john-stankey-att-compensation.html

AT&T’s John Stankey saw his overall compensation fall in 2020 even as he was promoted to CEO of the company. The reduction came after Stankey himself asked for less while the board also held back some items.

Stankey, who took over the CEO role from Randall Stephenson on July 1, 2020, saw overall compensation slide to $21 million last year, down from from $22.5 million in 2019, according to a new filing with the U.S. Securities and Exchange Commission. In 2019, Stankey held the jobs of CEO of WarnerMedia and president and COO of AT&T.

Stankey asked for the reduction as the company worked its way through the pandemic that hampered revenue and shook up how the company operated its many units. The salary was reduced to $2.4 million from $2.9 million by the board group to focus compensation on the longer-term.

“In response to the unprecedented uncertainty and global economic stress impacting society, including AT&T stockholders and employees, Mr. Stankey requested, and the committee approved, a 50 percent reduction of his CEO salary" from when he took over on July 1 until the end of the year, the filing said. “Stankey’s salary for this period is $600,000. The forgone salary will not be made up or reimbursed.”

In addition to his salary reduction, Stankey’s short-term incentive plan (STIP) was reduced as well to encourage a longer-term focus. At Stankey's request, the filing said, his STIP was capped at 50 percent of his annual target. The company said his forgone target bonus amount will not be made up or reimbursed, either.

Stankey's predecessor, Stephenson, also requested and received reductions in salary and STIP-related compensation from July through the end of 2020. Stephenson had $29.2 million in overall compensation last year compared to $32 million in 2019, the filing said.

In addition, Jason Kilar, who came to the company in 2020 to be CEO of WarnerMedia, grabbed a compensation package of more than $50 million. The vast majority of that was for restricted stock units that vest and distribute over a four-year period.

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12 replies (most recent on top)

Poor John. How will he survive on such pittance. After the financial harm he has helped visit on so many people, forgive me for not caring in the least if he gives up what amounts to absolutely nothing to this dip$h!t.

Don't worry, Mr. Stankey will be retiring at the end of 2021 so he can retain his pre-65 Medical benefits like the rest of us.

Laughable.....nothing more than optics here.

I think you meant no more Health Care Benefits after retiring and pension funding drop....and no more pension/pension supplement after retiring. Anyway, I got the jist of what you were saying and sounds like your company give back was a much larger contribution to AT&T then the top Dog.

My give back this year, No more pension or pension supplement after retiring, salary TSR change down 20K, pension funding drop and will lose close to 45K over next five years, no raise this year, lost vacation days..Hmmm and I make a little over 6 figures. ,Cry me a river. Boo hoo

Numbers that stagger the imagination. Honestly, I don't know what I would even do with so much money.

How much did it cost the Company/Shareholders for Poor JOHNNY BOY To be on expenses while in New York and be home in Dallas each and every weekend courtesy of Corporate Travel all those months
He never moved from Dallas
Sad sad sad bunch of spineless people that have run this Company into the ground since moving to Dallas

Did he also give up a week of PTO? Cue the tiny violins for our fearless leader.

It's time to take up a collection or start a Go Fund Me for Mr. Stankey.

Good lord. So, we are supposed to see their benevolence and sacrifice of a few million when they make tens of millions. GTFO. 🤦‍♀️

His base salary, that he so "generously" offered to reduce for 6 months last year, is minimal compared to the millions he still received in bonuses, deferred compensation, stock, etc. Download and read the 14A proxy posted on the company's SEC Filings page. His total compensation last year was still $10.4 million.

Wow - I am so sad and shocked to hear that. I mean, what a genuine guy! It's not like he has already made $100M plus on the back of several atrocious decisions that cost 50,000 plus employees their careers and shareholders tens of billions of dollars. What a joke!

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AT&T CEO asked for — and got — less compensation despite promotion

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