Mike Fries, CEO of London-based broadband and communications giant Liberty Global PLC, was the highest-paid telecommunications executive in 2019, according to compensation data compiled by S&P Global Market Intelligence.
Fries, who was appointed president and CEO in June 2005, earned a total adjusted compensation of $123.1 million in 2019, up 274% year over year. The other three CEOs in the top four for 2019 — AT&T Inc.'s Randall Stephenson, T-Mobile US Inc.'s John Legere and VEON's Ursula Burns — left their executive positions in 2020.
While Fries' cash compensation of $8.5 million was not the highest on the list, Fries' stocks and options awards — valued at $79.2 million in stock and $20.2 million in options — helped lift Fries to the top. Fries also received a $5 million sign-on bonus connected to his renewed employment agreement with Liberty Global, signed in April 2019.
In its proxy, Liberty Global said Fries demonstrated "outstanding leadership" in 2019, including shepherding the company through the sale of its businesses in Germany, Hungary, Romania and the Czech Republic. Under the transaction, valued at approximately €19 billion, Liberty Global sold its eastern European operations to Vodafone Group PLC.
Liberty Global's board also pointed to various initiatives started in 2019 under Fries, including the expansion of its footprint through its large-scale "lightning" build program in the U.K. and Ireland. Liberty Global's Virgin Media had built out its full-fiber Project Lightning service to 2.3 million customers as of the June quarter.
Stephenson — who led AT&T through its acquisitions of DIRECTV and Time Warner, transforming the telecom giant into a diversified media conglomerate — retired as CEO in June of this year but will continue to serve as executive chairman until January 2021 to ensure a smooth leadership transition. Stephenson handed over leadership to John Stankey.
Stephenson in 2019 was awarded a total compensation package valued at $28.4 million, including stock awards of $19.8 million.
Legere, who earned total compensation of $27.8 million in 2019, stepped down as CEO at T-Mobile after leading the company through its multiyear merger with Sprint. Legere was replaced by Mike Sievert, previously T-Mobile's president and COO.
VEON, a global provider of connectivity and digital service, had named Burns as CEO in December 2018. She left the role this year when the company appointed Sergi Herrero and Kaan Terzioğlu co-CEOs of the company, effective March 1.
Burns' compensation package in 2019 totaled $19.2 million, representing the second-largest percentage change year over year behind Fries.
