Marcelo Claure, CEO of Sprint Corp., gained a contract extension from the company keeping him in his position until May 31, 2019. The Overland Park-based company also offers Claure an extra 10 million shares as long as he is willing to give up pay raises and long-term incentive bonuses.
He’ll also need to push Sprint’s stock price from $3.85 to an average of $8.00 over any 150-day period from June 1 of this year through the end of the deal.
Under the current contract, the company paid Claure $1.5 million in annual salary. But Sprint’s stock price hasn’t seen $8 per share since SoftBank Corp. gave up the plan to merge Sprint and T-Mobile US Inc. last August.
Last week, SoftBank chairman and CEO Masayoshi Son spoke highly of Claure’s effort on turning around Sprint. Sprint reported first quarter 2015 earnings before interest, taxes, depreciation and amortization increased to $2.1 billion, a 14-percent spike.