CenturyLink’s top executives are reaping millions of dollars in merger bonuses and incentives after nixing pay raises and bonuses for front-line workers, The News-Star reports.
As part of the Louisiana-based company’s acquisition of Level 3 Communications, which closed in November, executives earned millions through bonuses and long-term initiative grants that were arranged in 2017, according to Securities and Exchange Commission filings made in November and June.
For example, CenturyLink’s incoming CEO Jeff Storey, who led Level 3 prior to the acquisition, received a $6.6 million signing bonus as well as an “integration award” valued at $3 million.
Retired Chief Financial Officer Stewart Ewing earned a $1 million “discretionary bonus” related to the merger. Executive vice presidents Stacey Goff and Aamir Hussain earned “retention awards” totaling $4.5 million in restricted stock.
Meanwhile, CEO Glenn F. Post III told employees in a Jan. 11 email that the company would cancel merit-based increases for employees, citing the company’s inability to pay for them. Christmas bonuses for some employees were dropped in mid-December.
