Not everyone is personally insulted by the President of the United States when they announce their retirement.
But when you walk away with a pension plan big enough to buy a typical American house every month – yes, really – do you really care?
Honcho Randall Stephenson received a glowing insult from the CEO of the United States two weeks ago when he announced that he was retiring at 59.
Will this become the new standard for high-level pensions, like a glorified gold watch?
Don’t tell the president, but Stephenson won’t cry in his mask after he leaves.
Documents filed by the company show that the outgoing CEO is retiring with a staggering $ 64 million retirement account – enough, according to industry data, to provide the man with 59 years guaranteed income of $ 274,000 per month for the rest of his life.
How’s your 401 (k) doing?
Last year, Stephenson even obtained a matching contribution of $ 1.2 million for his “deferral plans”. He also holds at least $ 20 million in stock and options in the business. His total compensation for the past three years has averaged $ 30 million a year.
AT&T declined to comment beyond confirming the figures.
Uncomfortable, Stephenson recently warned that the 250,000 AT&T employees worldwide could face layoffs due to the coronavirus crisis. Details have not been announced. There are also no dismissal conditions.
Trump’s rage for Stephenson stems from his role as the ultimate boss of the CNN news channel, which AT&T bought in 2016 as part of a $ 110 billion takeover of the media empire Time Warner. The US Department of Justice, under Trump, sought to block the deal.
The president has repeatedly denounced CNN as “fake news”, but the pair is actually excellent for each other. Trump has benefited from network-to-wall coverage and liberal attacks. And the network too.
Cynics might wonder if all the “spitting” from the public is a ruse to fool the suckers in cheap seats.
Stephenson had previously expanded AT&T’s reach through the acquisition of DirecTV, transforming the former telecommunications giant into a larger media conglomerate.
Sadly, today’s share price – $ 30 – is actually lower than the $ 39 it was when Stephenson took office as president and chief executive officer in 2007. But generous dividends more than offset the difference, according to FactSet. Total shareholder return, including reinvested dividends, increased by 55% over the 13 years of Stephenson’s management.
This represents an average of 3.5% per year.
Vanguard Total Bond Market Index Fund Returns
over the same period: 4.5% per year.