Market Talk: Former Verizon Media Executive Armstrong Gets $33 Million in Severance, Pay
March 18 2019 - 6:38PM
Dow Jones News
Tim Armstrong, the former head of Verizon's Oath media unit, is
eligible to receive $30 million in severance, equity and other
payments in addition to his 2018 compensation, the wireless carrier
said in a regulatory filing Monday. Mr. Armstrong officially
departed Verizon at the end of last year, but stepped back from
running Oath months earlier. The unit he led, now called Verizon
Media Group, is home to legacy AOL and Yahoo web properties, and
failed to meet revenue targets. As part of his separation
agreement, Mr. Armstrong is eligible to receive $6.3 million in
severance as well as $23.6 million in stock awards, some of which
are linked to an incentive plan created when Verizon bought AOL.
The separation agreement also includes some continued health
benefits and outplacement services. In addition to the separation
agreement, Verizon paid Mr. Armstrong $2.9 million in 2018 from his
salary and a non-equity incentive plan.
--Write to Sarah Krouse at sarah.krouse@wsj.com
(END) Dow Jones Newswires
March 18, 2019 18:23 ET (22:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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