“The Ontario Teachers’ Pension Plan, one of Sprint Nextel Corp’s key investors with about a 4 percent stake, will vote against Chief Executive Dan Hesse’s re-election to Sprint’s board,” Reuters reports.
“Deborah Allen, a spokeswoman for the fund, told Reuters this is the first time it has opposed the re-election of any Sprint director and was taking the action because of the ‘poor linkages’ between company performance and senior management pay,” Reuters reports.. “Hesse has come under fire this year from shareholders disappointed with the hit the company’s results took from subsidizing Apple’s popular iPhones and other investments.”
Reuters reports., “On May 4, Hesse said he would take a pay cut because of shareholder complaints, but the fund believes the cut is not sufficient to deal with the scale of Sprint’s problems.”
Read more in the full article here.
MacDailyNews Take: Without Apple’s iPhone, Sprint’s Board of Directors, if they existed at all, would by now be holding their meetings in the local fire hall.
Sprint CEO to take pay cut as iPhone subsidies pinch – May 5, 2012
Apple and Sprint have already inked deal for potential LTE 4G iPhone – March 27, 2012
Sprint CEO Hesse defends decision to bet the company on Apple’s iPhone – March 21, 2012