Qwest CEO Ed Mueller's pay rose 11% in 2010
By Andy Vuong
March 26, 2011
(John Prieto, Denver Post file )
Qwest said CEO Ed Mueller earned his nearly $13.5 million in compensation last year by achieving "a $6 billion increase in our market capitalization" and "exceeding or meeting certain budgeted financial targets."
Qwest chief executive Ed Mueller garnered an 11 percent increase in pay in 2010, the same year the Denver-based company shed nearly 1,800 jobs.
Mueller, who negotiated the pending sale of Qwest to Monroe, La.-based CenturyLink, was paid nearly $13.5 million, up from $12.1 million in 2009, according to a regulatory filing Thursday.
His earnings included base salary of $1.2 million, a cash bonus of $4 million, stock awards valued at $7.6 million, the use of the corporate aircraft valued at nearly $300,000 and other compensation.
Qwest said in the filing that Mueller's accomplishments in 2010 included leading "a $6 billion increase in our market capitalization" and "exceeding or meeting certain budgeted financial targets."
Qwest cut 6 percent of its workforce in 2010, ending the year with 28,343 employees. The company's workforce dropped 8.5 percent in 2009 and 10 percent in 2008.
Qwest chief operating
officer Teresa Taylor's compensation nearly doubled last year,
from $5.6 million to $10.7 million.
Compensation for other top Qwest executives include $5 million for chief administrative officer Rich Baer, $4.7 million for chief financial officer Joe Euteneuer and $3.1 million for executive vice president Dan Yost.
None of the five executives will join CenturyLink, though Mueller will serve on the company's board. The merger is expected to close Friday.