Vodafone executives to earn £56M from Verizon deal

|About: Vodafone Group Plc (VOD)|By:, SA News Editor

Vodafone's (VOD) senior team of 250 managers will make £56M when the U.K. carrier completes the sale of its 45% stake in Verizon Wireless to Verizon Communications for $130B.

Vodafone has promised to use the proceeds of the deal to pay 112 pence a share to its stockholders in cash and Verizon Communications shares.

As owners of 50M Vodafone shares, the managers will receive £16M in cash and £40M in Verizon stock. CEO Vittorio Colao will get over £10M, not far off the £11M salary he earned last year.