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Sprint CEO takes pay cut as investors voice concern about cost of iPhone deal

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Old 06-05-2012, 07:42 AM
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Default Sprint CEO takes pay cut as investors voice concern about cost of iPhone deal

Sprint Nextel's $15.5 billion gamble on Apple's iPhone will apparently lighten CEO Dan Hesse's proverbial wallet by $3.25 million this year. That's how much compensation Hesse agreed to give back to help placate investors unhappy about the high cost of the company's iPhone deal. Securing the iPhone has already paid dividends for Sprint in terms of sales. The company sold 1.5 million iPhones in the first quarter while posting a net subscriber growth of 263,000. That didn't stop Sprint from posting an $863 million net loss during the same period, however, causing some investors to grumble about the cost of subsidizing Apple's phone. The subsidy Sprint pays for each iPhone is 40 percent higher -- about $200 -- than what the company pays for other competing devices. Don't feel too bad for Hesse, though. Apparently, the financial gesture basically brings back his "compensation target opportunities" to 2010 levels.
Sprint CEO takes pay cut as investors voice concern about cost of iPhone deal originally appeared on Engadget on Sat, 05 May 2012 16:51:00 EDT. Please see our terms for use of feeds.

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