Summary
Verizon Communications Inc. (VZ) filed an 8-K on February 5, 2007, reporting on changes to its executive compensation. Specifically, the filing details adjustments made to the compensation of Dennis F. Strigl following his assumption of broader responsibilities as President and Chief Operating Officer of Verizon Communications Inc. These adjustments include an increase in Mr. Strigl's annual base salary from $1.125 million to $1.25 million. Additionally, he was granted a special restricted stock unit award valued at $3 million, which will vest and become payable two years from the grant date of February 1, 2007. These changes reflect the increased scope of his role within the company and are designed to align his compensation with his expanded duties.
Key Highlights
- 1Dennis F. Strigl's role expanded to President and Chief Operating Officer of Verizon Communications Inc.
- 2Mr. Strigl's annual base salary was increased from $1.125 million to $1.25 million.
- 3A special restricted stock unit award valued at $3 million was granted to Mr. Strigl.
- 4The restricted stock unit award vests and becomes payable two years from the grant date of February 1, 2007.
- 5These compensation adjustments were approved by the Human Resources Committee of Verizon's Board of Directors.
- 6The changes reflect the broader scope of responsibilities associated with Mr. Strigl's new position.