AT&T CEO Ed Whitacre is retiring on June 3rd, and his retirement package is getting a lot of attention. All told he is walking out with about $158.5 million, making him sort of a boomer hero. This is second largest retirement package for a public company CEO. The Wall Street Journal points out that the man who put the Texas in AT&T is getting some interesting retirement perks.
- $24,000 in annual automobile benefits
- $6,500 each year for “home security”
- Access to AT&T’s corporate jet for 10 hours a month
- $25,000 to cover his country-club fees
- A little over $1 million for three years for work as a consultant.
It is worthy of pointing out that at the end of first quarter, AT&T had 65.43 million access lines, thanks to the $85bn acquisition of Bell South. That move basically helped make up for all the access lines lost since the first quarter of 2001. SBC in that quarter had 61.25 million access lines.