Verizon (VZ) CEO Seidenberg Gets Compensation Boost

Compensation for Verizon Communications (NYSE:VZ) chief executive officer Ivan Seidenberg jumped 4 percent in 2010, rising to $18.1 million, according to a regulatory filing on Monday.

The base salary of Seidenberg remained the same at $2.1 million, while his performance-based cash bonus surged 33 percent to $3.9 million from close to $3 million the in 2009, accounting for the majority of the overall increase.

As far as perks go, which for the most part are related to the personal use of the company aircraft, fell to $707,644, a decline of 20 percent.

Seidenberg is stepping down later in 2011, naming Chief Operating Officer Lowell McAdam to replace him.

Verizon closed Monday at $36.46, up $0.62, or 1.73 percent.