Drahi, Altice Pay Board Sued Over Awards Worth $58 Million (1)

Altice USA Inc.'s board chairman, the French billionaire Patrick Drahi, was hit with a Delaware lawsuit calling his $58 million in stock awards since 2017 “a blueprint for wealth extraction and abuse.”

“Drahi operates in a secret realm, making unspecified contributions and providing unknown advice on an irregular and evidently completely ‘on spec’ basis,” the Chancery Court complaint says. “Fifty-eight million dollars is a staggering amount of pay for real work; it is outrageous and indefensible when paid to a controller for unspecified ‘contributions’ and ‘advice.’”

The partly redacted derivative suit, made public Monday, also targets the telecom’s compensation committee, ...