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Archive for Saturday, March 10, 2007

Embarq CEO’s pay valued at $11.1 million

March 10, 2007

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Dan Hesse, chief executive officer of Embarq Corp., received a compensation package valued at $11.1 million in 2006, according to a proxy statement filed Friday.

Hesse, 53, has served as CEO since the Overland Park-based traditional phone company spun off of wireless parent Sprint Nextel Corp. in May. Embarq is the nation's fourth-largest wireline carrier with 6.9 million access lines in 18 states.

The document filed with the Securities and Exchange Commission said Hesse received a base salary of $960,482, incentive plan compensation of $1.3 million and other compensation of $71,704. He also was awarded restricted stock and stock options that the company valued at $8.8 million on July 28.

Embarq finished its first year with earnings of $784 million, or $5.21 per share, down from $878 million a year ago. Annual revenue increased 2 percent to $6.36 billion.

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