BellSouth CEO's 2004 pay $11.2 million, before options

<p>BellSouth Corp. said Wednesday its top executive received total compensation of $11.2 million for 2004, which was up from $7.56 million in the previous year.</p><p>Both compensation amounts exclude the grant of stock options.</p><p>The Atlanta-based telephone company is led by F. Duane Ackerman, its chairman, president and chief executive.</p><p>BellSouth said in a definitive proxy filed with the Securities and Exchange Commission that Ackerman received a restricted stock award of about $4.6 million in 2004, compared with an award of about $2.6 million in 2003.</p><p>BellSouth said he got a bonus of $2.7 million for 2004, compared with $2.9 million for the prior year. Ackerman's salary remained unchanged at about $1.4 million.</p><p>Also, the company said Ackerman received a $2.3 million long-term incentive plan payout, compared with no comparable payout in 2003.</p><p>BellSouth said Ackerman received other annual compensation of $66,300 in 2004, compared with $244,200 in 2003. The 2004 amount includes $11,300 for tax payments made by the company on behalf of Ackerman, $23,500 for automobile allowance and related costs, and $17,300 for personal use of company aircraft.</p><p>The company said Ackerman received "all other compensation" of $201,600, compared with $417,000 in 2003.</p><p>BellSouth also granted the CEO 3,792 stock options with an exercise price of $26.37 a share. It granted him 761,524 stock options in 2003.</p><p>Shares of BellSouth fell 12 cents, or 0.5 percent, to $26.02 in early afternoon trading Wednesday on the New York Stock Exchange.</p>

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