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Qwest CEO's 2001 Pay Surges From Year Ago

April 10, 2002|From Bloomberg News and Reuters

DENVER — Qwest Communications International Inc., the subject of an accounting probe by federal regulators, paid Chief Executive Joseph Nacchio $27.3million last year, excluding options, more than six times his compensation in 2000.

Separately, the telephone company has lifted a restriction that prevented 40,000 employees participating in its retirement plans from selling company stock.

Qwest's shares sank 64% last year as it cut its growth outlook several times amid slowing sales, weak demand for data services and a drop in telephone access lines.

Still, Nacchio's 2001 salary rose to $1.17 million, up from about $855,000 in 2000. His bonus fell to $1.5 million from $2.3 million, according to a Securities and Exchange Commission filing.

The 52-year-old executive also received $24.4 million under a long-term incentive plan, 7.25 million stock options and other compensation such as use of corporate planes. His 2000 long-term incentive pay was $1.1 million.

The 7.25 million stock options would be worth as much as $194 million if Qwest's stock increases 10% a year, the filing said.

Last year, Nacchio reaped $74.6 million by exercising other stock options, according to the filing. He wasn't granted options in 2000.

The telephone company also said Tuesday that it would no longer use accounting firm Andersen for consulting services and said it would review whether to keep the company as its auditors.

Shares of Denver-based Qwest fell 20 cents to $7.01 on the New York Stock Exchange.

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