NEW YORK (AP) — AT&T’s board cut CEO Randall Stephenson’s 2011 pay by $2.08 million because he engineered the failed deal to buy T-Mobile USA, according to a regulatory filing.
The collapse of the deal, in the face of opposition from antitrust regulators, cost AT&T $4.2 billion in cash and spectrum rights that it had to hand over to T-Mobile.
Stephenson’s 2011 pay package was worth $18.7 million, based on the filing from the Dallas-based phone company. The board cut Stephenson’s cash bonus by 25 percent and also took the cost of the T-Mobile deal into consideration when awarding him stock.
The board said his 2012 and 2013 stock awards will be affected as well.
Stephenson earned $20.2 million in 2010.