Departing AT&T CEO, Who Presided Over Layoffs Of Tens Of Thousands, To Receive $247,000 A Month For Life

Randall Stephenson, the soon to be ex-CEO of AT&T, was no friend of labor. Under his tenure, tens of thousands of employees got the pink slip. And some right before Christmas.

And he is getting a handsome reward for his job-killing reign: $247,000 a month for life.

CBS MarketWatch reports:

“Company filings show that the departing chairman and CEO is retiring with a staggering pension account worth $64 million — enough, according to industry data, to provide the 59-year old with a guaranteed income of $274,000 a month for the rest of his days.

A month.

How’s your 401(k) doing?

Stephenson even got a $1.2 million company matching contribution to his “deferral plans” last year. He also holds at least $20 million in stock and options in the company. His total compensation for the last three years averaged $30 million a year.

AT&T declined to comment beyond confirming the numbers.

Awkwardly, Stephenson recently warned that AT&T’s 250,000 world-wide employees could face layoffs due to the coronavirus crisis. Details haven’t been announced. Nor have any severance terms.”

For the rest of the story, visit MarketWatch here.

You may also like:

Join our mailing list for the latest union news!

Leave a Reply