Qwest cutting big allowances for top executives
Qwest Communications will no longer give five top executives tens of thousands of dollars a year to pay for expenses.
By Agencies |
DENVER: Qwest Communications will no longer give five top executives tens of thousands of dollars a year to pay for expenses.
Qwest spokeswoman Diane Reberger said Saturday the allowances were being eliminated to help simplify its compensation structure.
Qwest said it was eliminating the allowances in a filing with the US Securities and Exchange Commission on Friday.
Qwest CEO Ed Mueller received the largest allowance, $75,000. Reberger said executives didn't have to disclose how the money was spent. The Denver Post said the allowance covered expenses such as financial counseling, physical exams and club memberships.
Four others, including Chief Financial Officer Joseph Euteneuer, received $50,000 a year. Three were named in the filing but the change also applies to a fourth executive who wasn't mentioned in the filing, Stephanie Comfort. Qwest didn't have to include her in the filing because she isn't a named officer.
In the SEC filing, Qwest said it was giving more time for Euteneuer to ask that the company buy his former principal residence. Euteneuer joined the company in September 2008 and, under his employment contract, next month had been the deadline for him to ask Qwest to buy the house. He will now get an extra year to make that request.
Qwest spokeswoman Diane Reberger said Saturday the allowances were being eliminated to help simplify its compensation structure.
Qwest said it was eliminating the allowances in a filing with the US Securities and Exchange Commission on Friday.
Qwest CEO Ed Mueller received the largest allowance, $75,000. Reberger said executives didn't have to disclose how the money was spent. The Denver Post said the allowance covered expenses such as financial counseling, physical exams and club memberships.
Four others, including Chief Financial Officer Joseph Euteneuer, received $50,000 a year. Three were named in the filing but the change also applies to a fourth executive who wasn't mentioned in the filing, Stephanie Comfort. Qwest didn't have to include her in the filing because she isn't a named officer.
In the SEC filing, Qwest said it was giving more time for Euteneuer to ask that the company buy his former principal residence. Euteneuer joined the company in September 2008 and, under his employment contract, next month had been the deadline for him to ask Qwest to buy the house. He will now get an extra year to make that request.
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