Report: Salary boost for FairPoint chief

Posted May 05, 2009, at 8:27 a.m.

PORTLAND, Maine — FairPoint Communications’ top executive received $1.2 million in salary, bonus and stock awards last year, including a 30 percent increase in his base salary.

The Portland Press Herald reported that although Eugene Johnson’s overall compensation fell sharply from 2007, his 2008 base salary was raised to $600,000 by FairPoint’s board of directors, according to information filed with the Securities and Exchange Commission. Six other top managers received raises averaging nearly 23 percent.

The company closed in March 2008 on its $2.3 billion purchase of Verizon’s phone system in Maine, New Hampshire and Vermont. The company’s stock value has plummeted since the closing and the board recently suspended quarterly dividend payments.