Even when they fail, executives concentrate wealth
Title: What Would He Get Paid If the Stock Had Gone Up?
Date: April 22, 2004
From the article:
- When John Zeglis took over AT&T Wireless in 1999, it was the country's premier cell phone company. Its record-setting public offering raised $10.6 billion. Four years later the company was so battered that in February it became a meal for Cingular, a competitor that didn't even exist back then.
What did Zeglis get in return for this massive drop in value?
- $14 million from stock options that vested immediately
- A $7.4 million severance package