Sprint CEO to Return $3.25 Million in Pay Tied to Iphone
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Sprint Nextel Corp. Chief Executive Officer Dan Hesse agreed to return $3.25 million of his compensation, which had been increased in 2011 by excluding the costs of adding Apple Inc.’s iPhone to the carrier’s network.
The Overland Park, Kansas-based carrier, which sells the iPhone at a loss, originally excluded the device’s cost from 2011 bonus calculations for eligible employees. After “feedback from some shareholders,” Hesse said he would reduce his salary in 2012 to repay the costs associated with the adjustment, according to a filing today.