Nacchio Dip: Qwest CEO Delays His Pay Raise

They never stop thinking about shareholder value at Qwest (Q Quote), as a look at CEO Joe Nacchio's recent paychecks will show.

With the stock hovering around a five-year low, Nacchio recently received an impressive 28% raise in his 2002 base pay. Moreover, the executive's bonus doubled -- even after a torrent of red ink forced the debt-heavy Denver telco to consider asset sales and other moves to raise scarce cash.

But Tuesday, Nacchio showed Qwest's shareholders that he knows he must do better. Qwest disclosed in a regulatory filing that Nacchio had postponed his raise during the first quarter, "based on the company's performance in 2001 and current market conditions." ...