Alltel CEO’s pay tops $141.8 million in ’07

Alltel Corp. President and Chief Executive Scott T. Ford received compensation of more than $141.8 million in 2007 -- including $107.7 million for taking the wireless company private, according to an analysis of a regulatory filing Thursday.

The package included a payment of $25.2 million for Ford’s “change in control agreement” related to Alltel’s $24.7-billion buyout by TPG Capital and GS Capital Partners last year.

It also included $30.8 million to cover Ford’s income tax liability and a $51.6-million lump sum payment of his accrued retirement benefits, according to the Alltel’s annual report.

His base salary was $1.2 million, and he received $7.5 million in non-equity incentive plan compensation, among other payments. Ford also had stock and option awards that had an estimated value of $24.4 million.

But the cost of going private showed up in Alltel’s fourth-quarter earnings as the company lost $525 million, attributed mainly to $619 million in takeover costs. The loss contrasts with a profit of $216 million for the year-earlier quarter. Revenue rose 8% to $2.3 billion from $2.1 billion.