Tim Armstrong, the former head of Verizon's Oath media unit, is eligible to receive $30 million in severance, equity and other payments in addition to his 2018 compensation, the wireless carrier said in a regulatory filing Monday. Mr. Armstrong officially departed Verizon at the end of last year, but stepped back from running Oath months earlier. The unit he led, now called Verizon Media Group, is home to legacy AOL and Yahoo web properties, and failed to meet revenue targets. As part of his separation agreement, Mr. Armstrong is eligible to receive $6.3 million in severance as well as $23.6 million in stock awards, some of which are linked to an incentive plan created when Verizon bought AOL. The separation agreement also includes some continued health benefits and outplacement services. In addition to the separation agreement, Verizon paid Mr. Armstrong $2.9 million in 2018 from his salary and a non-equity incentive plan.

--Write to Sarah Krouse at sarah.krouse@wsj.com

(END) Dow Jones Newswires

March 18, 2019 18:23 ET (22:23 GMT)

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