The Rocky Mountain News Reports that new AT&T Broadband CEO has increased his net worth by $35 million in the 4 months he has been in charge
William Schleyer has been the Chief Executive Officer of AT&T Broadband for just over four months, but he's already collected pay of more than $35 million.
The bulk of the compensation is 1.3 million stock options granted since he started with the company in late October. Using methods approved by the Securities and Exchange Commission, the Rocky Mountain News has calculated the value of Schleyer's three option grants at $31.8 million if AT&T's stock appreciates 10 percent annually over the 10-year life of the options.
Schleyer's compensation package includes a $925,000 base salary. This is $125,000 more than Dan Somers was compensated in the year 2000 when he was CEO. Schleyer's package includes guaranteed bonuses of $154,000 for the last two months of 2001 and $925,000 for 2002.
AT&T also gave Schleyer two grants of restricted stock - 114,450 shares and 56,200 shares - on Oct. 25th, 2001. Based on that day's $16 closing price, the stock is worth $2.7 million. A portion of the shares vested the day he started, while the rest is vested in equal amounts over the next two to three years.
In February, AT&T Broadband announced that they would be laying off 500 long time employees from their Denver headquarters.
