CEO Dan Hesse has been re-elected to Sprint Nextel’s board following efforts from a shareholder to have him removed.
Sprint announced that Hesse received the backing of more than 90% of shareholders at the annual shareholders meeting.
The Ontario…
CEO Dan Hesse has been re-elected to Sprint Nextel’s board following efforts from a shareholder to have him removed.
Sprint announced that Hesse received the backing of more than 90% of shareholders at the annual shareholders meeting.
The Ontario Teachers’ Pension Plan (OTPP) revealed their opposition to Hesse’s re-election to the board last week arguing he was paid too much considering the operators poor performance.
An SEC filing on 4 May revealed Hesse cut his own compensation pay by US$3.25m in a bid to alleviate shareholders concerns.
However, the pay cut was not enough in OTPP’s view. A spokeswoman for the fund reportedly said they opposed giving Hesse another term because of “poor linkages” between company performance and senior management pay.
Shareholders supported Sprint’s compensation packages for senior management with 80% voting in favour.
