Companies Telephone & Data Systems
Telephone & Data Systems (TDS): executive pay, fiscal 2025
Free brief. Every figure links to the company’s own filing.
Velarion Intel: free for 3 days, no card →Email me Telephone & Data Systems’s executive pay brief as a PDF
You get it on this page the moment you ask, and a copy by email. Every figure is cited to its filing.
After the PDF, up to three short notes on the deeper reports for this company. Reply “unsubscribe” to any of them, any time.
Telephone & Data Systems's highest-paid named officer for fiscal year 2025, Former President and CEO of Array Laurent Therivel, was paid $9,313,033 · source
Executives and directors
James Butman · ExecutiveJoseph Hanley · SVPKenneth Dixon · ExecutiveLaurent Therivel · President and CEO of ArrayVicki Villacrez · CFOWalter Carlson · President and CEO of TDSChristopher D. O'Leary · Lead Independent DirectorDirk S. Woessner · Independent DirectorGeorge W. Off · Independent DirectorKimberly D. Dixon · Independent DirectorLeRoy T. Carlson Jr · Independent DirectorLetitia G. Carlson, M.D · DirectorNapoleon B. Rutledge Jr · Independent DirectorPrudence E. Carlson · Independent DirectorWade Oosterman · Independent Director
Frequently asked questions
Who was the highest-paid executive at Telephone & Data Systems in fiscal 2025?
As disclosed, Laurent Therivel (Former President and CEO of Array) was the highest-paid executive at Telephone & Data Systems in fiscal 2025, with total compensation of $9,313,033.
What is Telephone & Data Systems's CEO-to-median employee pay ratio?
As disclosed, Telephone & Data Systems's CEO-to-median employee pay ratio was 120.5:1.
How did shareholders vote on Telephone & Data Systems's executive compensation?
As disclosed, 94.49% of shareholders supported Telephone & Data Systems's executive compensation in the latest say-on-pay vote.
How much does Telephone & Data Systems spend in total on board compensation for fiscal 2025?
As disclosed, Telephone & Data Systems reported total board compensation of $2,660,201 for fiscal 2025.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Laurent Therivel | $590,698 | $0 | $7,076,400 | $0 | $653,230 | $284 | $992,421 | $9,313,033 |
| Former President and CEO of Array | ||||||||
| James Butman | 444,081 | 0 | 2,595,289 | 0 | 343,710 | 10,921 | 2,094,379 | 5,488,380 |
| Former President and CEO of TDS Telecom | ||||||||
| Walter Carlson | 735,579 | 939,900 | 3,084,325 | 0 | 0 | 0 | 7,740 | 4,767,544 |
| President and CEO of TDS | ||||||||
| Kenneth Dixon | 392,308 | 110,300 | 3,209,367 | 0 | 269,000 | 0 | 131,667 | 4,112,642 |
| President and CEO of TDS Telecom | ||||||||
| Vicki Villacrez | 689,730 | 625,800 | 1,594,163 | 0 | 385,700 | 807 | 92,928 | 3,389,128 |
| Executive Vice President and Chief Financial Officer of TDS | ||||||||
| Joseph Hanley | 548,127 | 347,000 | 981,036 | 0 | 219,000 | 738 | 102,091 | 2,197,992 |
| Senior Vice President, Strategy and Corporate Development of TDS | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Laurent Therivel | $9,313,033 | $7,656,948 | $10,860,109 | ↑ +1,656,085 |
| James Butman | 5,488,380 | 3,729,135 | 3,344,427 | ↑ +1,759,245 |
| Walter Carlson | 4,767,544 | — | — | — |
| Kenneth Dixon | 4,112,642 | — | — | — |
| Vicki Villacrez | 3,389,128 | 2,546,827 | 1,990,192 | ↑ +842,301 |
| Joseph Hanley | 2,197,992 | 1,668,358 | 1,542,671 | ↑ +529,634 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
TDS' compensation programs are designed to reward performance on both a short-term and long-term basis and to align management's interest with that of shareholders. The objectives are to support TDS' overall business strategy, attract and retain high-quality leadership, link individual compensation with attainment of individual and business unit objectives, and provide competitive compensation consistent with financial performance.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Compensation Strategies, Inc. |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Vicki Villacrez | PSU | 2025-02-21 | — | — | — | — | $489,798 |
| James Butman | PSU | 2025-05-21 | 3,518 | 28,147 | — | 42,221 | 954,746 |
| James Butman | PSU | 2025-02-21 | — | — | — | — | 685,709 |
| Anthony J. M. Carlson | RSU | 2025-03-07 | — | — | 351 | — | 22,847 |
| Anthony J. M. Carlson | PSU | 2025-02-19 | — | — | — | — | 19,058 |
| LeRoy T. Carlson Jr. | PSU | 2025-05-21 | 5,307 | 22,111 | — | 37,146 | 750,005 |
| LeRoy T. Carlson Jr. | RSU | 2025-05-21 | — | — | 14,883 | — | 500,099 |
| Kenneth S. Dixon | RSU | 2025-06-09 | — | — | 63,955 | — | 2,224,994 |
| Joseph Hanley | PSU | 2025-05-21 | 2,328 | 9,702 | — | 16,299 | 329,092 |
| Laurent Therivel | PSU | 2025-02-19 | — | — | — | — | 1,140,134 |
| Vicki Villacrez | PSU | 2025-05-21 | 3,907 | 16,278 | — | 27,347 | 552,150 |
| Anthony J. M. Carlson | PSU | 2025-05-21 | 172 | 1,376 | — | 2,064 | 46,674 |
| LeRoy T. Carlson Jr. | RSU | 2025-03-07 | — | — | 1,170 | — | 41,433 |
| LeRoy T. Carlson Jr. | PSU | 2025-02-21 | — | — | — | — | 4,261,503 |
| Walter C. D. Carlson | PSU | 2025-05-21 | 12,736 | 53,066 | — | 89,151 | 1,799,999 |
| Walter C. D. Carlson | RSU | 2025-05-21 | — | — | 35,715 | — | 1,200,095 |
| Kenneth S. Dixon | PSU | 2025-06-09 | 1,729 | 13,833 | — | 20,750 | 492,178 |
| Joseph Hanley | RSU | 2025-05-21 | — | — | 9,795 | — | 329,132 |
| Kenneth S. Dixon | RSU | 2025-06-09 | — | — | 13,959 | — | 492,195 |
| Joseph Hanley | PSU | 2025-02-21 | — | — | — | — | 322,812 |
| James Butman | RSU | 2025-05-21 | — | — | 28,416 | — | 954,834 |
| Anthony J. M. Carlson | RSU | 2025-05-21 | — | — | 2,085 | — | 70,060 |
| Anthony J. M. Carlson | PSU | 2025-02-19 | — | — | — | — | 19,459 |
| Laurent Therivel | PSU | 2025-03-03 | 29,450 | 39,266 | — | 68,716 | 2,576,242 |
| Vicki Villacrez | RSU | 2025-05-21 | — | — | 16,434 | — | 552,215 |
| Laurent Therivel | PSU | 2025-02-19 | — | — | — | — | 783,716 |
| Laurent Therivel | RSU | 2025-03-03 | — | — | 39,267 | — | 2,576,308 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Vicki Villacrez | $552,215 | $1,041,948 | $0 | 65.4% |
| James Butman | 954,834 | 1,640,455 | 0 | 63.2% |
| Anthony J. M. Carlson | 92,907 | 85,191 | 0 | 47.8% |
| LeRoy T. Carlson Jr. | 541,532 | 5,011,508 | 0 | 90.2% |
| Kenneth S. Dixon | 2,717,189 | 492,178 | 0 | 15.3% |
| Joseph Hanley | 329,132 | 651,904 | 0 | 66.5% |
| Laurent Therivel | 2,576,308 | 4,500,092 | 0 | 63.6% |
| Walter C. D. Carlson | 1,200,095 | 1,799,999 | 0 | 60.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Carlson | RSU | 379 | — | $20,322 |
| Carlson | RSU | 1,016 | — | 54,478 |
| Carlson | RSU | 1,036 | — | 42,476 |
| Carlson | RSU | 1,170 | — | 62,735 |
| Carlson | RSU | 1,632 | — | 66,925 |
| Carlson | RSU | 1,708 | — | 91,583 |
| Joseph Hanley | PSU | 1,946 | — | 79,786 |
| Carlson | RSU | 2,085 | — | 85,485 |
| Carlson | RSU | 2,419 | — | 129,707 |
| Vicki Villacrez | PSU | 3,266 | — | 133,906 |
| Joseph Hanley | PSU | 3,576 | — | 146,616 |
| Carlson | PSU | 4,435 | — | 181,835 |
| Vicki Villacrez | PSU | 5,998 | — | 245,918 |
| Joseph Hanley | RSU | 6,954 | — | 285,114 |
| Joseph Hanley | Option | 7,748 | 25.36 | — |
| Vicki Villacrez | PSU | 9,264 | — | 379,824 |
| Joseph Hanley | RSU | 9,795 | — | 401,595 |
| Carlson | RSU | 9,813 | — | 486,786 |
| Dixon | RSU | 10,421 | — | 427,261 |
| Carlson | PSU | 10,646 | — | 436,486 |
| Vicki Villacrez | RSU | 11,669 | — | 478,429 |
| Joseph Hanley | RSU | 12,124 | — | 497,084 |
| Joseph Hanley | Option | 12,423 | 19.15 | — |
| Dixon | RSU | 13,959 | — | 572,319 |
| James Butman | RSU | 14,283 | — | 585,603 |
| Carlson | RSU | 14,883 | — | 610,203 |
| Joseph Hanley | RSU | 15,534 | — | 636,894 |
| Carlson | RSU | 15,851 | — | 649,891 |
| Vicki Villacrez | RSU | 16,434 | — | 673,794 |
| Joseph Hanley | RSU | 19,966 | — | 818,606 |
| Joseph Hanley | RSU | 20,171 | — | 827,011 |
| Vicki Villacrez | RSU | 20,340 | — | 833,940 |
| Vicki Villacrez | RSU | 26,066 | — | 1,068,706 |
| Vicki Villacrez | RSU | 29,833 | — | 1,223,153 |
| Carlson | Option | 33,624 | 30.72 | — |
| James Butman | RSU | 34,662 | — | 1,421,142 |
| Carlson | RSU | 35,715 | — | 1,464,315 |
| Carlson | RSU | 38,046 | — | 1,559,886 |
| Carlson | PSU | 39,934 | — | 1,637,294 |
| James Butman | RSU | 57,362 | — | 2,351,842 |
| Joseph Hanley | RSU | 58,136 | — | 2,383,576 |
| Dixon | RSU | 63,955 | — | 2,622,155 |
| James Butman | RSU | 69,084 | — | 2,832,444 |
| Carlson | RSU | 73,761 | — | 3,024,201 |
| Carlson | Option | 77,100 | 19.15 | — |
| Vicki Villacrez | RSU | 86,874 | — | 3,561,834 |
| Dixon | RSU | 88,335 | — | 3,621,735 |
| Carlson | RSU | 90,269 | — | 3,701,029 |
| Carlson | Option | 104,390 | 25.36 | — |
| Carlson | RSU | 163,146 | — | 6,688,986 |
| Carlson | RSU | 173,536 | — | 7,114,976 |
| James Butman | RSU | 175,391 | — | 7,191,031 |
| Vicki Villacrez | RSU | 191,216 | — | 7,839,856 |
| Carlson | RSU | 215,114 | — | 8,819,674 |
| Carlson | RSU | 712,667 | — | 29,219,347 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Christopher D. O'LearyIndependent · Lead Independent Director · Audit · Compensation and Human Resources · Corporate Governance and Nominating Committee · Technology Advisory Group | $192,800 | $120,029 | — | — | $107 | $312,936 |
| Kimberly D. DixonIndependent | 162,600 | 120,029 | — | — | 107 | 282,736 |
| Kenneth S. DixonEmployee director · Newly elected | 162,600 | 120,029 | — | — | 107 | 282,736 |
| Wade OostermanIndependent | 154,750 | 120,029 | — | — | 107 | 274,886 |
| George W. OffIndependent · Audit (Chair) | 153,000 | 120,029 | — | — | 107 | 273,136 |
| Dirk S. WoessnerIndependent · Compensation and Human Resources | 131,500 | 120,034 | — | — | 107 | 251,641 |
| Prudence E. CarlsonIndependent · CGNC · TAG (Chair) | 111,000 | 120,029 | — | — | 107 | 231,136 |
| LeRoy T. Carlson JrIndependent · Corporate Governance and Nominating Committee · Technology Advisory Group Committee (Chair) | 111,000 | 120,029 | — | — | 107 | 231,136 |
| Letitia G. Carlson, M.DNot independent | 111,000 | 120,029 | — | — | 107 | 231,136 |
| Napoleon B. Rutledge JrIndependent · Audit · Technology Advisory Group | 134,250 | 56,564 | — | — | 116 | 190,930 |
| Walter C. D. CarlsonEmployee director · Board Chair · CGNC (Chair) | 13,820 | 83,865 | — | — | 107 | 97,792 |
| Vicki L. VillacrezEmployee director | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $90,000 |
|---|---|
| Annual equity retainer | $120,000 |
| Per board meeting fee | $1,750 |
| Committee chair fees (audit / comp / nom-gov) | 22,000 / 20,000 / 10,000 |
| Stock ownership guideline | they are subject to the stock ownership guidelines applicable to directors. See "Corporate Governance—Stock Ownership Guidelines" |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,438,320 |
| Equity awards (grant-date value) | $1,220,695 |
| All other compensation | $1,186 |
| Total cost of the board | $2,660,201 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Telephone & Data Systems as a peer
Companies that benchmark against TDS
1 company names TDS as a compensation peer
Each company listed discloses TDS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TDS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
VZ Verizon Communications, Inc.CNSL Consolidated Communications Holdings, Inc.CABO Cable One, Inc.CCI Crown Castle International Corp.UNIT Uniti Group, Inc.LUMN Lumen Technologies, Inc.TMUS T-Mobile U.S. Inc.IRDM Iridium Communications, Inc.ATNI ATN International, Inc.OPTU Optimum Communications, Inc.IDT IDT Corp.ECHO EchoStar Corp.SBAC SBA Communications Corp.CMCSA Comcast Corp.HLIT Harmonic, Inc.T AT&T, Inc.FYBR Frontier Communications Parent, Inc.AMT American Tower Corp.VSAT ViaSat Inc.WOW WideOpenWest, Inc. Shenandoah Telecommunications Co. Stock Awards (c)
Peer reciprocity
The companies Telephone & Data Systems names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | T-Mobile U.S. Inc. | 2025 | Srinivasan Gopalan | $861,539 | $27,114,078 | $0 | $3,623,603 | $35,439,421 |
| 2 | Comcast Corp. | 2025 | Brian Roberts | 2,600,962 | 23,473,076 | 0 | 8,583,175 | 35,148,413 |
| 3 | Verizon Communications, Inc. | 2025 | Daniel Schulman | 375,000 | 32,774,795 | 0 | 937,500 | 34,311,016 |
| 4 | AT&T, Inc. | 2025 | John Stankey | 2,400,000 | 19,500,012 | 0 | 6,272,000 | 29,906,872 |
| 5 | Lumen Technologies, Inc. | 2025 | Kate Johnson | 1,354,493 | 18,590,663 | 0 | 4,877,486 | 24,936,641 |
| 6 | Optimum Communications, Inc. | 2025 | Dennis Mathew | 1,541,923 | 9,810,605 | 0 | 2,760,000 | 15,032,320 |
| 7 | American Tower Corp. | 2025 | Steven Vondran | 1,000,000 | 11,528,748 | 0 | 2,280,000 | 14,854,505 |
| 8 | ViaSat Inc. | 2026 | Mark Dankberg | 1,406,538 | 10,305,390 | 0 | 2,450,000 | 14,208,178 |
| 9 | Crown Castle International Corp. | 2025 | Christian Hillabrant | 269,231 | 12,147,036 | 0 | 823,522 | 14,154,801 |
| 10 | SBA Communications Corp. | 2025 | Brendan Cavanagh | 955,000 | 8,640,313 | 0 | 1,733,086 | 11,358,715 |
| 11 | Cable One, Inc. | 2025 | Julia Laulis | 945,000 | 8,566,881 | 0 | 526,932 | 10,159,056 |
| 12 | Telephone & Data Systems | 2025 | Laurent Therivel | 590,698 | 7,076,400 | 0 | 653,230 | 9,313,033 |
| 13 | Uniti Group, Inc. | 2025 | Kenneth Gunderman | 725,000 | 6,294,837 | 0 | 2,158,514 | 9,194,673 |
| 14 | Iridium Communications, Inc. | 2025 | Matthew Desch | 1,047,509 | 7,612,082 | 0 | 330,620 | 9,013,522 |
| 15 | Harmonic, Inc. | 2025 | Nimrod Ben-Natan | 609,000 | 4,927,562 | 0 | 570,000 | 6,163,092 |
| 16 | EchoStar Corp. | 2025 | Charles Ergen | 1,000,000 | 0 | 0 | 0 | 4,648,665 |
| 17 | ATN International, Inc. | 2025 | Brad Martin | 545,192 | 1,930,777 | 0 | 546,000 | 3,035,458 |
| 18 | WideOpenWest, Inc. | 2024 | Teresa Elder | 894,348 | 223,588 | 0 | 1,519,273 | 2,637,209 |
| 19 | IDT Corp. | 2026 | Shmuel Jonas | 495,000 | 79,420 | 0 | 0 | 1,452,045 |
| — | Consolidated Communications Holdings, Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Frontier Communications Parent, Inc. | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Telephone & Data Systems | not disclosed | PSU 50 · RSU 50 | not disclosed | Compensation Strategies, Inc. |
| American Tower Corp. | 114% | PSU 70 · RSU 30 | Yes — Relative TSR | Meridian Compensation Partners, LLC |
| AT&T, Inc. | 112% | PSU 75 · RSU 25 | Yes — Relative Total Stockholder Return (TSR) Payout Modifier | Frederic W. Cook & Co., Inc. (FW Cook) |
| ATN International, Inc. | not disclosed | RSU 50 · PSU 50 | not disclosed | Compensia |
| Cable One, Inc. | not disclosed | PSU 60 · RSU 40 | not disclosed | Pearl Meyer & Partners, LLC |
| Comcast Corp. | 110% | PSU 100 | Yes — Relative TSR Modifier | Korn Ferry |
| Consolidated Communications Holdings, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Crown Castle International Corp. | 139.16% | PRSU 60 · RSU 40 | Yes — Relative TSR | FW Cook |
| EchoStar Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| Frontier Communications Parent, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Harmonic, Inc. | not disclosed | RSU 60 · MSU 20 · PSU 20 | Yes — TSR relative to Nasdaq Telecommunications Index | Exequity |
| IDT Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| Iridium Communications, Inc. | not disclosed | RSU 50 · PRSU 50 | not disclosed | ClearBridge |
| Lumen Technologies, Inc. | 136.4% | PSU 60 · RSU 40 | No | Compensia Inc. |
| Optimum Communications, Inc. | not disclosed | RSU 50 · CPA 50 | not disclosed | Willis Towers Watson (WTW) and Frederic W. Cook & Co. (FW Cook) |
| SBA Communications Corp. | 103.7% | not disclosed | Yes — Relative TSR | F.W. Cook & Co., Inc. |
| T-Mobile U.S. Inc. | 161% | PSU 50 · RSU 50 | Yes — Relative Total Shareholder Return (RTSR) | Mercer |
| Uniti Group, Inc. | 132% | PSU 50 · RSU 50 | Yes — Relative Total Shareholder Return (TSR) | Pearl Meyer |
| Verizon Communications, Inc. | 100% | PSU 60 · RSU 40 | Yes — relative total shareholder return (TSR) position compared with the companies in the S&P 100 | Meridian Compensation Partners, LLC |
| ViaSat Inc. | 121% | RSU 50 · PSU 25 · Cash LTI 25 | Yes — Relative Total Shareholder Return (TSR) vs. Russell 3000 Index | Compensia |
| WideOpenWest, Inc. | not disclosed | PRSU 75 · RSU 25 | not disclosed | Aon plc |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-21 | 118,794,713 | 6,649,586 | 283,398 | 94.49% | Passed |
| 2025 | 2025-05-22 | 111,460,476 | 8,780,750 | 926,088 | 91.99% | Passed |
| 2023 | 2023-05-18 | 115,575,482 | 7,482,880 | 114,749 | 93.92% | Passed |
| 2022 | 2022-05-19 | 122,905,842 | 1,261,628 | 81,390 | 98.92% | Passed |
| 2021 | 2021-05-20 | 118,352,733 | 2,098,327 | 157,132 | 98.13% | Passed |
| 2020 | 2020-05-21 | 119,523,304 | 1,237,893 | 174,919 | 98.83% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-21 | 94.49%a |
| 2025 | 2025-05-22 | 91.99%b |
| 2023 | 2023-05-18 | 93.92%c |
a. Approved under the standard stated in the filing — “** The approval of Proposals 2 and 4 will require the affirmative vote of the holders of stock having a majority of the votes that could be cast by the holders of all stock entitled to vote on the applicable proposal which are present in person or represented by proxy at the meeting.”.
b. Approved under the standard stated in the filing — “** The approval of Proposals 2 and 3 will require the affirmative vote of the holders of stock having a majority of the votes that could be cast by the holders of all stock entitled to vote on the applicable proposal which are present in person or represented by proxy at the meeting. || Will have the same effect as a vote against”.
c. Approved under the standard stated in the filing — “Will have the same effect as a vote against”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 120.5 : 1 |
|---|---|
| CEO total compensation | $8,929,740 |
| Median employee compensation | $74,133 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (72 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Laurent Therivel. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 46. As printed: 9,313,033. View filing ↗
- Section 01, James Butman. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 46. As printed: 5,488,380. View filing ↗
- Section 01, Walter Carlson. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 46. As printed: 4,767,544. View filing ↗
- Section 01, Kenneth Dixon. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 46. As printed: 4,112,642. View filing ↗
- Section 01, Vicki Villacrez. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 46. As printed: 3,389,128. View filing ↗
- Section 01, Joseph Hanley. DEF 14A, filed 2026-04-08. Section “Summary Compensation Table” · page 46. As printed: 2,197,992. View filing ↗
- Section 03, Vicki Villacrez PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, James Butman PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, James Butman PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony J. M. Carlson RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony J. M. Carlson PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, LeRoy T. Carlson Jr. PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, LeRoy T. Carlson Jr. RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Kenneth S. Dixon RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Joseph Hanley PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Laurent Therivel PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Vicki Villacrez PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony J. M. Carlson PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, LeRoy T. Carlson Jr. RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, LeRoy T. Carlson Jr. PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Walter C. D. Carlson PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Walter C. D. Carlson RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Kenneth S. Dixon PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Joseph Hanley RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Kenneth S. Dixon RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Joseph Hanley PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, James Butman RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony J. M. Carlson RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony J. M. Carlson PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Laurent Therivel PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Vicki Villacrez RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Laurent Therivel PSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Laurent Therivel RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2023-04-05. Section “CEO Pay Ratio”. As printed: 120.5 : 1. View filing ↗
- Section 08, Christopher D. O'Leary. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 312,936. View filing ↗
- Section 08, Kimberly D. Dixon. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 282,736. View filing ↗
- Section 08, Kenneth S. Dixon. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 282,736. View filing ↗
- Section 08, Wade Oosterman. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 274,886. View filing ↗
- Section 08, George W. Off. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 273,136. View filing ↗
- Section 08, Dirk S. Woessner. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 251,641. View filing ↗
- Section 08, Prudence E. Carlson. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 231,136. View filing ↗
- Section 08, LeRoy T. Carlson Jr. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 231,136. View filing ↗
- Section 08, Letitia G. Carlson, M.D. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 231,136. View filing ↗
- Section 08, Napoleon B. Rutledge Jr. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 190,930. View filing ↗
- Section 08, Walter C. D. Carlson. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 97,792. View filing ↗
- Section 08, Vicki L. Villacrez. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-26. Item 5.07 · say-on-pay result. As reported: 94.49% (votes for as printed: 118,794,713). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-23. Item 5.07 · say-on-pay result. As reported: 91.99% (votes for as printed: 111,460,476). View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-05-19. Item 5.07 · say-on-pay result. As reported: 93.92% (votes for as printed: 115,575,482). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 1,438,320 + equity 1,220,695 + all other 1,186 = 2,660,201, summed across the director compensation table rows.
- T-Mobile U.S. Inc., Section 10b CEO total. DEF 14A, filed 2026-04-27. CEO total compensation as printed in T-Mobile U.S. Inc.'s own proxy. As printed: 35,439,421. View filing ↗
- Comcast Corp., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Comcast Corp.'s own proxy. As printed: 35,148,413. View filing ↗
- Verizon Communications, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Verizon Communications, Inc.'s own proxy. As printed: 34,311,016. View filing ↗
- AT&T, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in AT&T, Inc.'s own proxy. As printed: 29,906,872. View filing ↗
- Lumen Technologies, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Lumen Technologies, Inc.'s own proxy. As printed: 24,936,641. View filing ↗
- Optimum Communications, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Optimum Communications, Inc.'s own proxy. As printed: 15,032,320. View filing ↗
- American Tower Corp., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in American Tower Corp.'s own proxy. As printed: 14,854,505. View filing ↗
- ViaSat Inc., Section 10b CEO total. DEF 14A, filed 2026-07-27. CEO total compensation as printed in ViaSat Inc.'s own proxy. As printed: 14,208,178. View filing ↗
- Crown Castle International Corp., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Crown Castle International Corp.'s own proxy. As printed: 14,154,801. View filing ↗
- SBA Communications Corp., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in SBA Communications Corp.'s own proxy. As printed: 11,358,715. View filing ↗
- Cable One, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Cable One, Inc.'s own proxy. As printed: 10,159,056. View filing ↗
- Telephone & Data Systems (subject), Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Telephone & Data Systems's own proxy. As printed: 9,313,033. View filing ↗
- Uniti Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Uniti Group, Inc.'s own proxy. As printed: 9,194,673. View filing ↗
- Iridium Communications, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Iridium Communications, Inc.'s own proxy. As printed: 9,013,522. View filing ↗
- Harmonic, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Harmonic, Inc.'s own proxy. As printed: 6,163,092. View filing ↗
- EchoStar Corp., Section 10b CEO total. DEF 14A, filed 2026-09-18. CEO total compensation as printed in EchoStar Corp.'s own proxy. As printed: 4,648,665. View filing ↗
- ATN International, Inc., Section 10b CEO total. DEF 14A. CEO total compensation as printed in ATN International, Inc.'s own proxy. As printed: 3,035,458. View filing ↗
- WideOpenWest, Inc., Section 10b CEO total. DEF 14A, filed 2025-03-27. CEO total compensation as printed in WideOpenWest, Inc.'s own proxy. As printed: 2,637,209. View filing ↗
- IDT Corp., Section 10b CEO total. DEF 14A, filed 2026-10-23. CEO total compensation as printed in IDT Corp.'s own proxy. As printed: 1,452,045. View filing ↗
- Section 10a, Lumen Technologies, Inc. reciprocity. DEF 14A. Lumen Technologies, Inc. names Telephone & Data Systems in its own disclosed peer group (read from its most recent proxy). View filing ↗