Sprint Nextel execs top list of most overpaid!
One would think that a company struggling and bleeding customers like Sprint would have executives bleeding themselves. Not so. Even after their obvious hardship to stay competitive, the fines and fees they’ve paid out for various reasons, like settling on litigation against ETFs, Sprint/Nextel executives are tops when it comes to compensation. It’s not a surprise that corporate bigwigs are still getting paid despite poor performance, but it does irk a few consumers. According to Standard & Poor’s index of large companies, Sprint had the worst pay-for-performance in 2007 — imagine that. Sprint spokesperson James Fisher said “It’s very important to consider that 2007 was a highly unusual year because of compensation that was paid to an exiting CEO, as well as sign-on compensation paid to a new CEO,” and continued their defense, “We had significant other severance charges for executive changes during the year.” Whatever dude.
Of course, there is a new CEO in Dan Hesse, a man who prides Sprint in the fact that consumers can e-mail him “directly” with questions and concerns. Hesse replaced Gary Forsee (We wonder if Forsee foresaw his own demise) who received $22.4 million in total compensation last year… got to love severance packages. Another $74 million went to the rest of the top management team. This kind of corporate behavior, amongst other things, is part of the reason we’re struggling and resorting to multi-billion-dollar bailouts.
Thanks, Marie!
Tags: $700 billion bailout, bailout, corporate pay, Dan Hesse, Forsee, Gary Forsee, Hesse, Nextel, severance, Sprint
I was thinking “whatever” as well. They need to be bought out.
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sadly, severance packages are created before any executive is hired into the company. and sadly, most of them fail and leave with a nice compensation. this is typical corporate crap.
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Anyone that’s a Sprint customer surpised here? I’m not.
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Sprint really serves no purpose these days…especially when their company is doing this bad and these people are making a killing.
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Just try to email dan@sprint.com. You get someone from the Virginia Beach area that sends a response to your email, asks for your contact number, promises to call you, never does, and their voicemail always picks up. Great service…
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@likeabite
I would love a bite out of your brain it must be made up of thousands of gummybears hmmmmm
regardless if the said company of which we do not speak is loosing customers and money they are very much relevant and revolutionary… keep in mind handsets don’t make a company revolutionary. and they are still a bigpot carrier. so stop trampling please… i would love to get a smidge of percent of sprint stock or any other controlling asset.
sincerely
the guy that don’t believe the shit some of you guys say.
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There’s nothing about the current financial situation that has to do with such golden parachutes. Come on BG, that’s just ignorant, and buys into the mainstream media fluff.
This does, however, have everything to do with why cell phone rates are outrageous. And why practically every carrier is looking to monetize every aspect possible of their service.
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