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Hans Vestberg topped CRN’s ranking of five Verizon executives, with reported fiscal 2022 total compensation of $19.83 million. The other four listed executives each had reported totals between $8.63 million and $9.38 million. These are total-compensation figures—not salary alone or necessarily cash received during the year.
Verizon’s five highest-compensated executives in CRN’s 2022 ranking
CRN published this ranking on April 17, 2023, using compensation reported in Verizon’s SEC filing. Amounts below are CRN’s rounded figures for fiscal 2022 total compensation.
| Rank | Executive and role reported in the article | 2022 total compensation |
|---|---|---|
| 1 | Hans Vestberg, chairman and CEO | $19.83 million |
| 2 | Matthew Ellis, executive vice president and CFO | $9.38 million |
| 3 | Kyle Malady, executive vice president and group CEO, Verizon Business | $8.77 million |
| 4 | Sowmyanarayan Sampath, executive vice president and group CEO, Verizon Consumer | $8.75 million |
| 5 | Craig Silliman, executive vice president and president, Verizon Global Services | $8.63 million |
CRN’s April 17, 2023 ranking rounds the amounts to two decimal places in millions. Verizon’s 2023 proxy statement gives Vestberg’s exact 2022 Summary Compensation table total as $19,832,750.
What “total compensation” includes
The figures come from the Summary Compensation table in Verizon’s 2023 proxy statement, filed with the SEC. The table reports multiple categories, including salary, bonus, stock and option awards, non-equity incentive compensation, changes in pension and deferred compensation, and other compensation. A total therefore is not synonymous with salary, cash compensation, or the amount an executive necessarily received in cash during 2022.
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Equity awards and incentive compensation are part of the reported total, but that accounting presentation should not be read as proof that stock awards were cash paid in that year or that the total equals realized compensation. Verizon also reports a separate SEC-required “Compensation Actually Paid” measure. The company cautions that this measure “does not reflect the actual amount of compensation earned by or paid to the named executive officers as a group (excluding Mr. Vestberg) during the applicable year.” That caveat concerns the proxy’s average Compensation Actually Paid measure; it does not redefine the Summary Compensation table totals shown in CRN’s ranking.
How Verizon described its executive incentive program
In the 2023 proxy statement, Verizon describes its named-executive pay program as a mix of fixed and variable, incentive-based compensation, with short-term and long-term incentives in its 2022 plans. The proxy says long-term awards for named executive officers were allocated 60% to performance stock units and 40% to restricted stock units.
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Verizon lists measures used in its incentive plans that included adjusted EPS, service and other revenue, free cash flow, relative total shareholder return, adjusted operating income, and cash flow from operations. These are the company’s descriptions of its compensation design and performance measures, not independent findings that the plans achieved their stated aims.
Why the executives’ titles need a time context
The listed roles reflect the period covered by the ranking and the proxy, not necessarily later or current appointments. Verizon’s leadership responsibilities shifted during 2022 and early 2023:
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- Sampath succeeded Tami Erwin as leader of Verizon Business on July 1, 2022, then moved to Verizon Consumer in March 2023.
- Malady, previously responsible for Global Networks and Technology, took over Verizon Business in March 2023.
- Silliman served as chief administrative, legal and public policy officer until October 10, 2022, then began transitioning to Global Services.
- Ellis was expected to step down and separate from Verizon around May 1, 2023.
- Erwin left the Verizon Business CEO role in July 2022 and separated from Verizon in September; Manon Brouillette ceased serving as Verizon Consumer group CEO in December 2022.
These dates explain why a role attached to a person in a 2022-compensation ranking should not automatically be treated as that person’s present title.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Verizon’s 2022 CEO-to-median-employee pay ratio
Verizon’s 2023 proxy separately reports a 130-to-1 CEO-to-median-employee annual compensation ratio for 2022. For that calculation, Verizon used annualized CEO compensation of $19,850,750 and median employee compensation of $152,899. The annualized CEO amount is not the same as Vestberg’s $19,832,750 Summary Compensation table total; the ratio is a separate disclosure with its own calculation.
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Sources and scope
- CRN, “Verizon’s Most Highly Compensated Executives In 2022,” April 17, 2023.
- Verizon Communications Inc., 2023 Proxy Statement (DEF 14A), including its Summary Compensation table, compensation discussion, and pay-versus-performance disclosure.
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