Bigger Check for Verizon Chief

Ivan Seidenberg made $21 million last year.
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Verizon (VZ) - Get Report chief Ivan Seidenberg raked in a tidy $21.3 million in pay last year, up 9.8% over his 2005 level.

The New York phone giant's No. 2 executive, Larry Babbio, collected $11.7 million in 2006 and will get another $18 million in an all-cash separation gift after he retires next month, according to the company's proxy report filed Monday.

Babbio has worked with Verizon for 40 years and has stepped aside as Denny Strigl, the former head of Verizon Wireless, takes over the chief operating officer job.

Strigl made $11.3 million in total compensation last year.

Verizon shares closed up 43 cents at $36.75 Monday.