AT&T Exec Takes Pay Cut

DALLAS (AP) _ AT&T’s chief executive saw the value of his pay package fall 17 percent to $15 million in 2008.

It’s a reduction Randall Stephenson asked for as heavy iPhone subsidies ate into earnings and the Dallas-based company lays off thousands of workers.

The company said in a regulatory filing today that Stephenson asked the board not to pay him a bonus for 2008 because of the recession and AT&T’s plans to cut 12,000 jobs. That’s about 4 percent of its work force.

The job cuts, which will happen throughout 2009, were triggered by the economic crisis and the continued erosion of AT&T’s landline telephone business.

Meanwhile, the wireless division keeps winning new subscribers, and iPhone sales are hot.

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