Stagnant SBC Gives Chief a Big Raise

Demand for telecom gear and services still may be flat, but big phone executives' salaries keep rising.

SBC (SBC Quote) chief Ed Whitacre cashed in with a 22% bump in pay last year. He raked in $12.3 million in salary and bonuses, according to the company's proxy filing Thursday. Whitacre's cash booty didn't include stock awards worth $7.2 million.

The handsome payday comes even as SBC shares continue to sink. SBC's share price fell 4% in 2003, though that was a sizable improvement from its 32% drop in 2002. ...