Sprint boss gets a $3.25 million pay cut because of high iPhone subsidy
According to bothThe Wall Street JournalandReuters, Sprint CEO Dan Hesse has agreed to a salary reduction that will see his paycheck reduce by a whopping $3.25 million in this year. Shareholders weren’t too happy that a formula Sprint uses to calculate its CEO’s compensation fails to take into account high iPhone subsidy. Something doesn’t compute here… Retures explains: Hesse said his 2012 salary would be cut to repay about $346,000 in incentive pay that he has already received and forfeit additional amounts that he was eligible to receive under his 2011 and 2012 incentive plans....