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AT&T CEO Randall Stephenson’s total compensation was more than $32 million in 2019, giving him a 10 percent raise while he slashed tens of thousands of jobs and reduced spending on network upgrades. Stephenson’s total compensation was $28.72 million in 2017, $29.12 million in 2018, and $32.03 million in 2019, an AT&T filing to the Securities and Exchange Commission said. His pay raise was driven by stock performance.

Stephenson’s base salary was $1.8 million in all three years, but his stock awards jumped from $17.07 million to $19.80 million from 2018 to 2019. The other portions of his compensation remained roughly the same.

While Stephenson’s pay rose, AT&T eliminated 7.6 percent of its workforce in 2019. AT&T had 247,800 employees at the end of 2019, down from 268,220 one year earlier. AT&T also slashed capital expenditures by more than $1.6 billion in 2019 and projects a capital-investment cut of more than $3 billion in 2020. The cuts to jobs and network spending came despite AT&T claiming that a corporate tax cut and repeal of net neutrality rules would cause broadband investment to rise. Some of these cuts came from the company’s wireline division after AT&T finished a fiber buildout.