Windstream CEO Compensation Rises 51 Percent

LITTLE ROCK, Ark. (AP) — Windstream Corp. Chief Executive Jeffery Gardner received a compensation package valued at $6.4 million in 2008, a 51 percent increase from the prior year, according to an analysis by the Associated Press.

In a year in which the phone and broadband service provider saw earnings drop 55 percent, Gardner earned a base salary of $984,000, an 11 percent increase from 2007. His performance-based bonus payment rose by more than a million dollars to $1.79 million, from $774,474 a year earlier.

Windstream's CEO also received perks worth $21,522, including $11,500 in company matches to his 401(k) retirement plan. The value of the perks were 19 percent more than a year ago.

The company gave Gardner stock and option awards it valued at $3.6 million, which on paper marked a 44 percent increase. But Windstream based that total on an $11 share price, a level the stock hasn't reached since last September. Shares closed at $8.36 on Monday.

In a regulatory filing, Windstream said it bases executive bonuses on the company's performance, excluding charges and other special items.