Consolidated's CEO got $1.3 million in total compensation

Consolidated's CEO got $1.3 million in total compensation

MATTOON — Consolidated Communications Holdings' president and chief executive officer received $1,300,318 in total compensation during 2012, the company disclosed in a recent proxy statement.

Robert J. Currey's compensation package wasn't as large as in 2011, when he received a total of $1,917,918. But that year's payout was inflated by an unusually large stock award.

Compensation for four of Consolidated's five highest-paid employees went up in 2012, even though their salaries, for the most part, remained the same.

Currey's salary was $370,000 — the same as it was in 2011 and 2010. But it was supplemented by a $40,700 bonus, $377,199 in stock awards, $444,000 in non-equity incentive plan compensation and $68,419 in other compensation.

C. Robert Udell, Consolidated's senior vice president and chief operating officer, received $657,097 in total compensation in 2012, with $248,923 of that coming as salary.

His salary increased from $222,000 in 2011 as a result of his promotion to chief operating officer.

The other three highest-paid employees in 2012 were:

— Steven J. Shirar, senior vice president and corporate secretary, with a salary of $222,000 and total compensation of $557,382.

— Steven L. Childers, senior vice president and chief financial officer, with a salary of $222,000 and total compensation of $538,797.

— Christopher A. Young, 57, chief information officer, with a salary of $196,000 and total compensation of $431,603.

Consolidated's annual shareholders meeting will be held May 7 in Lenexa, Kan., where the company recently expanded as a result of its merger with SureWest Communications.

At that meeting, shareholders will be asked to retain Roger H. Moore and Thomas A. Gerke for three-year terms on the board of directors.

Moore has been on the board since 2005, and Gerke joined the board in February of this year.

Four other directors — including company Chairman Richard A. Lumpkin, Maribeth S. Rahe, Timothy D. Taron and Currey — are not up for election this year.

Lumpkin, who has been with the company and its predecessors since 1963, is the beneficial owner of 5.2 percent of the company's shares.

The only entities holding larger percentages are: New York-based BlackRock Inc., with 7 percent, and Malvern, Pa.-based The Vanguard Group Inc., with 6 percent.

Lumpkin, 78, and Currey, 67, receive no additional compensation for their service on the board.

The four other directors get a cash retainer of $25,000 plus compensation for participation in board and committee meetings.

The chairs of the audit, compensation and corporate governance committees get additional pay.

Mattoon-based Consolidated provides communications services to residential and business customers in Illinois, Texas, Pennsylvania, California, Kansas and Missouri.

Those services include local and long-distance service, high-speed broadband Internet access, digital telephone service and directory publishing, among others.

In 2012, the company had $503.5 million in operating revenues, with video and data Internet services generating the largest chunk — 35 percent — of those.

Consolidated has a contract with Illinois to provide telephone service to inmates of state Department of Corrections facilities. But the state gave notice last June that it intends to award that contract to a competitor — a decision Consolidated has challenged.

The company was founded in 1894 as the Mattoon Telephone Co. by Lumpkin's great-grandfather.

Sections (2):News, Business

Comments

News-Gazette.com embraces discussion of both community and world issues. We welcome you to contribute your ideas, opinions and comments, but we ask that you avoid personal attacks, vulgarity and hate speech. We reserve the right to remove any comment at our discretion, and we will block repeat offenders' accounts. To post comments, you must first be a registered user, and your username will appear with any comment you post. Happy posting.

Login or register to post comments