The Association of U S West Retirees



Qwest CFO Shaffer nets $4.8 million
By Jeff Smith
Rocky Mountain News
Tuesday, March 6, 2007

Qwest Chief Financial Officer Oren Shaffer, who is retiring April 1, netted $4.8 million pretax from the sales of options last week.  He also sold $3.2 million of restricted stock, according to a federal regulatory filing.  Shaffer exercised 1 million stock options and sold 368,249 restricted shares, the filing indicated.  The restricted shares already have been taxed but Shaffer may have a small amount of short-term capital gains to pay.

"It's part of his overall compensation package," said Qwest spokeswoman Diane Reberger.  She said the sales also are a "personal decision" on Shaffer's part.

Shaffer has made nearly $30 million from stock sales since November.  Late last year, he netted $18 million from exercising stock options and sold $2.1 million in restricted stock.

Shaffer, 64, announced his retirement last week after a nearly five-year tenure with the Denver telco.,2777,DRMN_23916_5396898,00.html