ADVFN - Advanced Financial Network.
HOME» NYSE » A » T Stock Price » T Stock News

Att Share News

 At&t Stock Price
T Stock Price
 At&t Stock Chart
T Stock Chart
 At&t Stock News
T Stock News
 At&t Company Information
T Company Information
 At&t Stock Trades
T 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; greg.bensinger@dowjones.com

Stock News for Att (T)
DateTimeHeadline
08/23/201609:31:00AT&T Becomes Primary Mobility Provider for the U.S. Department...
08/22/201609:30:00AT&T And ETECSA Sign Deal For Cuba Roaming And Direct Connections
08/19/201617:07:26Current Report Filing (8-k)
08/19/201617:00:00$100,000 AT&T Donation Aids Louisianans Impacted by Floods
08/19/201613:29:00AT&T Inc. Announces Pricing Terms for Its Exchange Offers
08/19/201607:00:00AT&T Inc. Announces Results of Early Tenders in Exchange Offers...
08/18/201611:20:00T-Mobile Drops Low-Priced Plans, Moves to Unlimited Data
08/17/201617:10:00Cisco Plans to Cut 5,500 Workers
08/17/201616:07:00AT&T Raises Prices for Low-Data Users, Lowers Rates for High-Data...
08/17/201615:10:00AT&T Raises Prices for Low-Data Users, Lowers Rates for High-Data...
08/17/201614:57:00AT&T Raises Prices for Low-Data Users, Lowers Rates for High-Data...
08/17/201613:00:00AT&T Introduces Mobile Share Advantage(SM)
08/17/201611:30:00AT&T Teams Up with Global Technology Leaders for Faster 5G Deployment
08/17/201611:00:00AT&T Announces Premiere for 3rd Season of "Full Circle" on AUDIENCE...
08/16/201600:01:00AT&T Launches Ultra-Fast Internet Speeds in the Greater Sacramento...
08/15/201620:41:00IBEW-Represented Former DirecTV Employees Vote To Ratify Two...
08/15/201613:30:00At Least 3 Dead, 20,000 Rescued in Louisiana Flooding
08/15/201611:00:00AT&T AUDIENCE Network, Entertainment One and Fuqua Films Announce...
08/15/201610:34:00AT&T Enhances Interoperability for Public Sector and Public Safety...
08/15/201610:12:00Houstonians receive improved wireless service in the downtown...

Att and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price 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 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad