Sprint CEO is overpaid, shareholder advisory group contends

A Sprint store in Springfield | Nicole Lunger/Missouri Business Alert
Nicole Lunger/Missouri Business Alert

Institutional Shareholder Services, a shareholder advisory firm, is telling Sprint’s shareholders to protest CEO Dan Hesse’s $49 million 2013 pay package, saying it’s excessive and not tied to performance.

The advisory firm said that Hesse received a special $18.7 million “retention” award in connection with SoftBank Corp.’s acquisition of Overland Park-based Sprint last year, making his compensations more than three times the median pay for a chief executive at a comparable company.

Shareholders will vote on approving the executive pay package Aug. 6. Their vote serves as an advisory notice to the board.

The company said its executive compensation reflects a tumultuous year in which Sprint was acquired by Toyko-based SoftBank, acquired Clearwire, and shut down its Nextel network.

Read more from the Kansas City Star

Read more here: http://www.kansascity.com/news/business/article803847.html#storylink=cpy

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