Verizon retirees take aim at CEO Vestberg's $40 million 'golden parachute'
Jack Cohen retired from Verizon nearly 20 years ago. Since then he’s taken on a new role: Fighting on behalf of company retirees and ordinary stockholders, sometimes in open battle with the current board of directors.
He’s at it again.
Cohen, who leads the Association of BellTel Retirees, is fighting the board at this week’s annual stockholder meeting over fat cat pay, including the $40 million ‘golden parachute’ offered to current Chief Executive Hans Vestberg.
“It is obnoxious,” he says of Vestberg’s potential windfall. “The optics are terrible, and as a shareholder I’m frankly embarrassed.” A payout of that scale, he says, constitutes boardroom misconduct.
This is not a socialist rebellion against Verizon capitalism, he emphasizes. This is a rebellion on behalf of retired workers, many of whom own stock in the company themselves. “It doesn’t do us any good if the company doesn’t do well,” Cohen says.
https://www.msn.com/en-us/money/companies/verizon-retirees-take-aim-at-ceo-vestberg-s-40-million-golden-parachute/ar-BB1gClsF
