WSJ reports that AT&T CEO Randall Stephenson's incentive pay took a hit as a result of AT&T's failure to consummate its T-Mobile transaction. Excerpt:
AT&T Inc.'s failed $39 billion bid for T-Mobile USA cost the telecommunications giant $4 billion in assets and cash. It also cost Chief Executive Randall Stephenson.
AT&T said in a securities filing Tuesday that its board cut Mr. Stephenson's combined short- and long-term incentive payout by more than $2 million, due in part to the implosion of the deal. The company walked away from the offer in December amid regulatory resistance.
