Total compensation for Kenny Gunderman, CEO and president of Uniti Group Inc. of Little Rock, increased to $5.4 million in 2017 from $5.1 million in 2016.
According to a definitive proxy statement the company filed Thursday, Gunderman’s salary was $721,635 in 2017, up from $700,000 in 2016.
Gunderman’s total pay in 2017 included $3.2 million in stock awards, $1.5 million in cash incentives and $16,172 in other compensation.
Uniti Group Inc., formerly known as Communications Sales & Leasing Inc., split from Windstream Holdings Inc. of Little Rock in 2015.
For the full year, the company posted an $8.8 million net loss, or a loss of 13 cents per diluted share, compared to a net loss of $212,000, or 4 cents per share in 2016. Revenue rose, up 19 percent to $916 million.
The company attributed the loss to $38 million in transaction and integration costs and a $10.7 million charge for changes in the fair value of contingent consideration. It said those expenses were partially offset by a $36.2 million income tax benefit.
Uniti also announced that it will acquire fiber assets from U.S. TelePacific Holding Corp. of Los Angeles in a $95 million all-cash transaction. Uniti will lease the fiber in California, Nevada, Texas and Massachusetts back to TelePacific.
The company expects to close on the acquisition of the non-California assets in the second quarter of this year and on the remaining California assets in the third quarter.
Executive Compensation
Each of Uniti’s named executive officers were paid more in 2017.
Mark Wallace, executive vice president, CFO and treasurer, was paid a $446,635 salary, $924,597 in stock awards, $618,750 in cash incentives and $22,426 in other compensation for a total of $2 million. His total compensation rose from $1.6 million in 2016.
Daniel Heard, executive vice president, general counsel and secretary, received total compensation of $1.45 million, up from $1.2 million in 2016. His total compensation included a $369,711 salary, $550,350 in stock awards, $515,625 in cash incentives and $15,555 in other compensation.
Ronald Mudry, president of sales and business development at Uniti Fiber, earned $986,712 last year, up from $707,929 in 2016. His compensation included a $350,000 salary, $50,000 bonus, $360,497 in stock awards, $214,235 in cash incentives and $11,980 in other compensation.
Mundry’s salary more than doubled from $135,731 in 2016, and he has a new title.
The company closed on its acquistions of Southern Light LLC of Mobile, Alabama, and Hunt Telecommunications LLC of Metairie, Louisiana, in July.
Both Southern Light and Hunt are operating under under the Uniti Fiber brand in the company’s fiber infrastructure segment.
Mudry, along with former Souther Light CEO Andy Newton, were selected to lead Uniti Fiber. Newton serves as president of infrastructure and operations.
The company’s stockholders will vote during a virtual annual meeting at 7 a.m. May 17 on re-electing six directors and continuing to do business with auditors PricewaterhouseCoopers LLP.
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