Five top executives at Level 3 Communications will receive cash bonuses for 2009 after all.
Three months after determining that the bonuses wouldn’t be paid, the company’s board of directors decided last week to award the executives nearly $2 million, according to a regulatory filing made late Monday.
Level 3 chief executive Jim Crowe will receive the largest bonus, $800,000, taking his total compensation for 2009 to nearly $4.2 million, down from $5.5 million in 2008.
In February, the board’s compensation committee decided to not award any bonuses because there were insufficient data to determine how the Broomfield company’s performance in 2009 would affect core revenue growth in 2010, according to Monday’s filing. Additional information was made available for a special meeting last week.
“The committee determined that additional data with respect to core network-services revenue growth rates, signed sales orders and customer disconnects and erosion . . . warranted a reconsideration,” the board stated in the filing.
In 2009, the company’s core network-services revenue dropped 10 percent to $2.8 billion from $3.1 billion in 2008. For the first quarter of this year, Level 3’s core revenue dropped 4 percent to $701 million from $728 million during the same period in 2009.
The board also noted that Crowe recommended bonuses for his lieutenants. Chief operating officer Jeff Storey will receive $330,000, vice chairman Buddy Miller $280,000, chief financial officer Sunit Patel $260,000 and chief legal officer Tom Stortz $260,000.
Andy Vuong: 303-954-1209, avuong@denverpost.com or
