Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sprint’s Hesse Poised for $40 Million or More in Severance Pay

Sprint Corp. may owe outgoing Chief Executive Officer Dan Hesse severance pay exceeding $40 million in cash, stock and benefits. Photographer: Scott Eells/Bloomberg
Sprint Corp. may owe outgoing Chief Executive Officer Dan Hesse severance pay exceeding $40 million in cash, stock and benefits. Photographer: Scott Eells/Bloomberg

Aug. 6 (Bloomberg) -- Sprint Corp. may owe outgoing Chief Executive Officer Dan Hesse severance pay exceeding $40 million in cash, stock and benefits.

Most of the package comes from long-term incentives such as stock options and restricted stock. That portion was valued at $48.3 million alone at the end of March, though Sprint shares have fallen 21 percent since. Hesse’s total severance package would have been $56.2 million at the time, according to a filing in June.

Sprint hired Brightstar Corp. CEO Marcelo Claure to replace Hesse, 60, after abandoning talks for a merger with T-Mobile US Inc. Hesse has led the third-largest wireless carrier since 2007 and starred in a series of black-and-white TV commercials to help the company restore its image, which was tarnished by service problems after a merger with Nextel Communications Inc.

Hesse was the highest-paid CEO in the U.S. wireless industry last year, with $49.1 million in compensation, including $27.8 million in stock awards.

To contact the reporter on this story: Crayton Harrison in New York at tharrison5@bloomberg.net

To contact the editors responsible for this story: Sarah Rabil at srabil@bloomberg.net Crayton Harrison, Niamh Ring

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.