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NEW YORK - Dan Hesse, the chief executive of Sprint Nextel Corp., topped the list of the most highly paid chief executives in the telecommunications sector.
Most of Hesse's pay was in the form of a bonus and stock and option grants related to his December 2007 hiring.
AP examined 2007 CEO pay data from the 410 companies in the S&P 500 that filed compensation disclosures with federal regulators in the first six months of this year. The following are the top earners at companies in the telecom sector.
1. Dan Hesse of Sprint Nextel Corp.: $28.3 million
2. Ivan Seidenberg of Verizon Communications Inc.: $20.3 million
3. Randall Stephenson of AT&T Inc.: $18 million
The AP's formula includes salary, perks, bonuses, above-market interest on pay set aside for later, and company estimates for the value of stock options and stock awards on the day they were granted.
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