NEW YORK — The chief executive of Qwest Communications International Inc., Edward Mueller, received compensation in 2008 valued at $11.4 million, according to a regulatory filing Friday.
That was less than the $17.4 million he received for the previous year, when he joined the Denver- based phone company and received a large amount of stock and options as a sign-on bonus.
Mueller’s 2008 pay is smaller than, but comparable to, the packages taken home by the heads of AT&T Inc. and Verizon Communications Inc., which are larger and more profitable phone companies.
AT&T chief executive Randall Stephenson received $15 million for 2008 after declining a bonus. At Verizon, Ivan Seidenberg received $20.2 million. Verizon’s 2008 profit was about nine times the $681 million earned by Qwest; AT&T’s profit was 19 times Qwest’s.
Mueller’s salary was $1.2 million, and he received a bonus of $2.25 million. The bulk of his compensation was in the form of options and restricted stock that were valued at $6.9 million when they were granted last March.
However, the decline of Qwest’s stock has diminished the value of those grants. For instance, while the options were valued at $2.7 million when issued, they are now “under water.”
