AT&T's Board of Directors has agreed to cut CEO Randall Stephenson's pay by $2.08 million over the company's failed bid to acquire T-Mobile USA, according to a filing with the Securities and Exchange Commission (SEC).

The cut reduces Stephenson's cash bonus by 25 percent and his stock award by 6 percent, which still leaves the company's top executive with a total bonus of $2.08 million for 2011.

Stephenson made $18.7 million, according to the Associated Press, down slightly from the $20.2 million he made in 2010.

The decision by AT&T's board to cut Stephenson's bonus comes as it assesses the damages of the company's failed $39 billion bid to acquire T-Mobile USA. The deal was panned by regulators who said such a merger would have adverse effects on competition.

AT&T was forced to pay T-Mobile $4.2 billion in cash and spectrum rights as a result of the failure to close the deal.