By Drew FitzGerald
A majority of AT&T Inc. shareholders rejected the telecom and media giant's compensation plan for top executives, a symbolic rebuke for company leaders trying to convince investors their business has turned a corner.
The Dallas company said about 49% of shareholders voted to approve its advisory vote on executive compensation at its annual meeting Friday but didn't disclose other details about the vote. Last year, a slim majority of AT&T shareholders approved the so-called say-on-pay measure, which is legally nonbinding and rarely a close call for large U.S. companies.
This year, shareholders have given a thumbs down to pay arrangements at several big U.S. companies, including Starbucks Corp. and Walgreens Boots Alliance Inc.
AT&T doled out large compensation packages to several leaders in 2020. Chief Executive John Stankey and WarnerMedia division chief Jason Kilar collected compensation valued at $21 million and $52.2 million, respectively, during their first year on the job. Randall Stephenson, who served as chief executive until Mr. Stankey took over in June and was replaced as chairman this past January, had compensation valued at $29.2 million.
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(END) Dow Jones Newswires