Sprint CEO Dan Hesse Did What…!?
Dan Hesse has done something that few other corporate leaders would have had the balls to do: he's giving back more than $3.25 million in compensation.
According to the Kansas City Business Journal (via AppleInsider), Hesse is voluntarily returning the money in an effort to appease shareholders who were upset with his (and/or his firm's) decision to exclude the "financial effect of carrying Apple Inc.'s (NASDAQ: AAPL) iPhone when calculating employee bonuses."
The Kansas City Business Journal quoted James H. Hance, Jr., Chairman of the Board of Directors of Sprint, who released the following statement in an SEC filing:
"Today Sprint announced in an SEC filing that President and CEO Dan Hesse has offered to return to the company any additional compensation he received as a result of the discretionary adjustment in incentive pay relating to the launch of the iPhone. Dan discussed with the board his plan to also reduce his 2012 short term and long term target opportunities, and we have accepted his proposal."
"We applaud Dan for his willingness to sacrifice personal compensation in order to reduce any distraction that could negatively affect the morale and performance of the company," Hance continued. "Dan enjoys the full support of our board of directors and we appreciate the leadership he has demonstrated as he continues to guide the company through a turnaround in a difficult competitive environment."
According to the Kansas City Business Journal, Hesse's base pay "remained steady at $1.2 million in 2011, but his total compensation increased 31 percent to $11.9 million." In the year prior, Hesse earned $9.1 million.
While Hesse's current decision was his own, it is possible that his future compensation could take a less voluntary hit. Reuters reports that the Ontario Teachers' Pension Plan (which has a 4% stake in Sprint) intends to vote against Hesse's re-election to Sprint's board.
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