CenturyLink Executives Profit While Leaving Workers Behind
Top executives at CenturyLink, who are set to receive millions in bonuses as a result of CenturyLink's purchase of Level 3 Communications, are leaving the working people who have built the company behind by cancelling bonuses and merit pay and eliminating their jobs.
"CenturyLink President Jeff Storey's gain is a huge loss for working families and their communities," said Brenda Roberts, Vice President of Communications Workers of America District 7 which represents over 11,000 workers at CenturyLink. "CenturyLink claims that low cash flow prevented them from paying holiday bonuses last year, yet they somehow found enough cash to pay his $6.6 million signing bonus. Storey also stands to make millions more in performance pay and stock options. We're concerned that we will see more cuts aimed at boosting the value of those stock options since Wall Street rewards the kinds of short-term gains companies achieve by laying off workers and cutting back on customer service."
Storey is not the only executive who stands to benefit. Executive Vice Presidents Stacy Goff and Chief Financial Officer Sunit Patel will also receive millions of dollars in retention bonuses.
President Trump and Republican leaders in Congress promised working people that last year's corporate tax cut would result in companies using their windfall to increase wages and invest in creating more jobs. That's clearly not the case at CenturyLink.