Qwest, the fourth-largest U.S. local phone company, boosted chairman and chief executive Richard Notebaert’s 2005 compensation by 38 percent to $14.8 million.
The pay for Notebaert, 58, represented a gain from $10.7 million in 2004, the Denver-based company said in a filing Thursday with the Securities and Exchange Commission. A restricted stock award of $4.15 million accounted for the increase.
Qwest shares rose 27 percent last year as Notebaert persuaded customers to buy wireless and high-speed Internet services, helping counter a decline in local-telephone lines.
Notebaert’s salary was unchanged at $1.1 million, while his bonus increased 6.1 percent to $3.15 million, the filing said. He received no stock award in 2004. The value of option grants fell by 12 percent to $5.33 million, while other compensation, including use of a jet, almost doubled to $1.09 million.
Shares of Qwest fell 6 cents to $6.83 in New York Stock Exchange composite trading. They have climbed 21 percent this year.
The company’s annual meeting is planned for May 24 in Denver, where activist shareholders are expected to raise several corporate governance issues.
