Printed from http://www.electronista.com

Sprint Nextel CEO sacrificing performance bonuses

updated 08:54 pm EDT, Fri May 4, 2012

Hesse voluntarily surrenders cash due to iPhone-related losses

Following a loss of profit due to iPhone subsidies to consumers, Sprint Nextel CEO Daniel Hesse said he would take a pay cut this year. Hesse reported his 2012 salary would be cut to repay $346,000 he has already received in performance bonuses, and he will voluntarily surrender additional cash from 2011 and 2012 incentive plans.

In a memo to his human resources department, Hesse wrote "These voluntary actions regarding my personal compensation, which total $3,250,830, will eliminate any benefit for me to the discretionary adjustment the compensation committee made earlier this year."

Sprint's subsidy to Apple is $200 higher per device sold than what it pays other manufacturers for phones. Sprint reported serious losses in its winter quarter, yet gained subscribers with the sale of 1.5 million iPhones in the same period of time.




By Electronista Staff
Post tools:

TAGS :

toggle

Comments

  1. facebook_Ben

    Via Facebook

    Joined: May 2012

    +1

    This CEO will not be starving!!

    I dont think this CEO will be starving or giving up memberships to his country clubs.

    He will be just fine.

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Patriot Supersonic Rage XT 128GB USB drive

USB thumb drives are getting larger by the day, their growth speeding along with the availability and expansion of memory chips. But h ...

Crucial MX100 256GB SATA-3 SSD

While the price-per-gigabyte ratio for magnetic platter-based hard drives can't be beat, the speed that a SSD brings to the table for ...

Narrative Clip

With the advent of social media technology, people have been searching for new ways to share the events of their daily lives -- be it ...

Sponsor

toggle

Most Commented

 
toggle

Popular News