Sprint Nextel CEO Dan Hesse agreed to cut his total compensation...
Sprint Nextel CEO Dan Hesse agreed to cut his total compensation by $3.25 million partly due to shareholders’ unease with the subsidies the carrier pays to Apple so it can carry its iPhone, an SEC filing said. “I do not…
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want, nor does our compensation committee want, to penalize Sprint employees for the company’s investment with Apple,” Hesse wrote in a letter to the company’s human resources department, according to the filing. “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, and will set my 2012 incentive compensation target opportunities at my 2010 levels.” Hesse is cutting his base salary by about $346,000 and is forgoing around $545,000 in future pay related to the company’s performance last year. In a separate filing with the SEC, Sprint Chairman Jim Hance applauded the decision, saying Hesse has support of the board.