Excerpts From Newark
Star-Ledger Article: Majority backs Lucent
pay proposal
For the second
straight year, Lucent shareholders
yesterday voted to rein in pay of senior
executives. But Lucent again defended
its incentives plan. "We believe our current
long- term programs do align employees'
interests with those of shareholders,"
spokesman William Price said after Lucent's
annual shareholder meeting in Wilmington,
Del.
Fifty-three percent of
voting shareholders approved a nonbinding
proposal that would link at least 75 percent
of senior executives' stock incentives to
performance goals. A similar proposal
garnered just more than 50 percent of the
vote last year.
The measures were
endorsed by the Lucent Retirees
Organization, which has cited a 50 percent
drop in share price and eroding benefits
since Pat Russo became chief executive in
2002. Russo's total compensation for 2005
was $8.25 million, according to Lucent
filings with regulators.
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