Storey, 57, will earn a base annual salary of $1.5 million with annual incentive of up to $2.6 million if he meets performance targets. He’s also eligible for a long-term incentive grant worth about $10.5 million in stock options, plus he receives a $6.6 million cash signing bonus, of which half will be paid in his first CenturyLink paycheck, and the second next Nov. 1, the anniversary of the closing.
According to Bloomberg, Storey’s base salary at Level 3 was $1.2 million. But with bonuses, his compensation last year was about $4.35 million plus about $7 million in stock options.
Storey also has been tapped to take over as CEO on Jan. 1, 2019, when CenturyLink CEO Glen Post retires.
Another Level 3 executive to join CenturyLink is Sunit Patel, 55, who becomes Chief Financial Officer, the same role he had at Level 3. Patel’s base salary is $750,000 with annual cash-incentives of up to 120 percent of his salary. He’s also eligible for a long-term grant of $3 million in stock plus a cash retention award of $1.3 million. And he qualifies for another $2.8 million for meeting achievement goals within three years. Patel, however, must move to Monroe, La., to work out of the corporate headquarters.