ADVFN - Advanced Financial Network.
HOME» NASDAQ » A » AAPL Stock Price » AAPL Stock News

Apple Share News

 Apple Inc. (mm) Stock Price
AAPL Stock Price
 Apple Inc. (mm) Stock Chart
AAPL Stock Chart
 Apple Inc. (mm) Stock News
AAPL Stock News
 Apple Inc. (mm) Company Information
AAPL Company Information
 Apple Inc. (mm) Stock Trades
AAPL Stock Trades

Sprint Chief Cuts Pay After Shareholder Complaint Over IPhone

By Greg Bensinger Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Sprint Nextel Corp. (S) Chief Executive Dan Hesse agreed to cut $3.25 million from his compensation package after shareholders complained that his pay didn't account for the hefty upfront expense of carrying the Apple Inc. (AAPL) iPhone. The company had boosted Hesse's 2011 compensation by 31% to $11.9 million, in part because the formula used to determine his compensation hadn't factored in the cost of buying millions of iPhones, which carry some of the highest subsidies in the industry. Hesse, in a letter filed with the Securities and Exchange Commission Friday, said he was voluntarily cutting some short- and long-term bonuses as well as some stock awards. Sprint agreed to buy $15.5 billion in iPhones over the next few years and said it wouldn't make a profit on the deal until 2015. The carrier lost 98,000 lucrative contract customers last year--while rivals AT&T Inc. (T) and Verizon Wireless padded their user rolls--in part because Sprint didn't carry the popular smartphone until 2011's final three months. The action by Hesse is the latest sign carriers may be fed up with the high price of the iPhone. Sprint, AT&T and Verizon Wireless have been heavily promoting alternatives to the roughly $600 handset, such as devices from Samsung Electronics Co. (SSNHY, 005930.SE) and Nokia Corp. (NOK, NOK1V.HE). "I do not want, nor does our compensation committee want, to penalize Sprint employees for the company's investment with Apple," said Hesse. Hesse said he agreed to have his paychecks lowered to account for the reduction in his pay to levels from 2010. A spokesman declined to comment beyond the filing. It wasn't immediately clear if other officers would take similar pay reductions. Sprint has activated 3.3 million iPhones in the past two quarters, compared with 11.9 million at AT&T, and 7.5 million a Verizon Wireless, a joint venture of Verizon Communications Inc. (VZ) and Vodafone Group PLC (VOD). -By Greg Bensinger, Dow Jones Newswires; 212-416-4676;

Stock News for Apple (AAPL)
11/28/201514:45:37Let's Not Call the iPad Pro a Failure Just Yet
11/28/201511:00:09Why I No Longer Buy Apple Suppliers and Just Buy More Apple
11/28/201507:15:39The Dirty Word Crushing Big Dividend Stocks
11/27/201516:58:03The iPad's Market Share Continues to Collapse
11/27/201513:20:02Look Out Alphabet Inc, Here Come Microsoft Corporation's Driverless...
11/27/201509:42:54Apple Inc. Reportedly to Use OLEDs in the iPhone 8
11/27/201508:50:00Toshiba Mulls Sale of Stake in Chip Arm
11/27/201507:00:44Inside the Apple Inc. A9X Chip
11/26/201518:00:38Apple, Inc.'s Share-Repurchase Program Is Moving the Needle...
11/26/201515:00:033 Reasons I Own Netflix Stock
11/26/201513:00:04Everything Shoppers Need to Know for Black Friday
11/26/201510:18:03How Apple Spent $253 Billion in 1 Year
11/26/201508:04:03Apple Inc. Wins Gold With New iPhones
11/26/201508:00:0311 Things Investors Can Be Thankful for on Thanksgiving Day
11/26/201507:15:03The 7 Most Popular Gift Cards This Holiday Season, and 3 Big...
11/25/201514:58:03Apple Music Comes to Alphabet's Android
11/25/201514:11:00Apple Buys Motion Capture Startup Faceshift -TechCrunch
11/25/201511:00:07Half of U.S. iPhone Users Could Start Upgrading Annually
11/25/201510:16:02Pandora Beats Spotify and Apple Music to Land Adele
11/25/201510:00:08After Using Android for 5 Years, I've Finally Switched to iPhone

Apple Computer and other NASDAQ stock quotes are delayed by at least 20 minutes.
All other stock price and quote data is delayed by at least 15 minutes unless otherwise stated. By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations