The AFL-CIO, the largest US trade union federation, is to make Ivan Seidenberg, Verizon Communications’ chief executive, the “poster child” for its campaign against excessive executive pay after previously targeting the chief executives of Pfizer and Home Depot.
Richard Trumka, the AFL-CIO’s secretary-treasurer, noted that Mr Seidenberg had earned more than $109m in the past five years, despite negative total shareholder returns during the same period of about 5 per cent.
The AFL-CIO’s decision last year to mount what it described as a “successful campaign” against Pfizer and Home Depot helped fuel growing investor concern about performance of chief executives and their severance packages.
In the wake of that campaign, Hank McKinnell, Pfizer’s former chief executive, stepped down in July after accumulating a $198m exit package while Home Depot’s Robert Nardelli secured a $210m severance deal when he resigned by mutual agreement with the company in January.
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