Verizon CEO Seidenberg’s compensation in 2009 valued at $17.5 million, according to AP tally

Verizon CEO compensation valued at $17.5 mln

NEW YORK — The total compensation of Verizon Communications Inc.’ CEO fell 14 percent in 2009 amid layoffs that accompanied the decline of the company’s fixed-line phone business, according to an analysis of a regulatory filing Wednesday.

Ivan Seidenberg, 63, received compensation in fiscal 2009 valued at $17.5 million, down from $20.2 million the year before.

The second largest U.S. phone company, which is based in New York, saw revenue grow 11 percent to $107.81 billion last year. But its net profit fell 18 percent to $10.36 billion, or $1.29 per share.

Verizon’s shares rose 4 percent last year to close at $32.66 on Dec. 31, 2009, up from $31.47 a year earlier.

Seidenberg’s annual salary was unchanged at $2.1 million and he received no bonus, the same as the previous year.

His non-equity incentive plan compensation, which is tied to the company’s performance, fell 21 percent to $3.0 million from $3.7 million the year before.

The biggest hit to his pay came from the value of performance stock units, which declined to $11.1 million from $13.1 million a year ago.

Above-market returns on deferred compensation was $473,389, an increase from $322,862 a year ago.

All other compensation, including for personal use of company aircraft and company contributions to savings plans and life insurance, fell to $880,282 from $946,754 a year ago.

The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.