As AT&T’s workforce gets smaller and smaller, General Counsel David McAtee II’s compensation gets larger and larger.

The Dallas-based telecommunications giant said in its recently filed proxy statement that McAtee earned $12.4 million in 2023, a 9.7% increase from the $11.3 million he earned in 2022. The 2022 figure represented a 7.6% increase from the $10.5 million he earned in 2021. Stock grants made up the largest portion of his pay each year—$7 million in 2023.