Ousted Sprint CEO Forsee got $40 million in 2007

[babylonsister]

Ousted Sprint CEO Forsee got $40 million in 2007
By JASON GERTZEN and DAN MARGOLIES
The Kansas City Star


Ousted Sprint Nextel chief executive officer Gary Forsee received $40 million during 2007 — and he’ll get about $1 million annually for as long as he lives.

Those were two of the disclosures in Sprint’s proxy statement filed Thursday with the Securities and Exchange Commission. The proxy showed the pay, bonuses, stock, severance and other benefits provided last year to Forsee and other top executives of the Overland Park wireless company.

Under mounting pressure from disgruntled investors and Sprint’s board of directors, Forsee resigned as the company’s chairman and CEO in October. Since then, Sprint shares have dropped by nearly 65 percent.

Forsee departed as the company struggled to shore up vexing customer service and wireless network problems. Top rivals Verizon Wireless and AT&T continued to grow as Sprint lost market share.

Through a spokesman, Forsee, who began serving as the president of the four-campus University of Missouri System in February, declined to comment Thursday. In his new position at UM, Forsee will get $400,000 a year in salary and up to $100,000 in annual incentive pay — about half what he will continue to receive from Sprint.

Forsee’s total compensation in 2007 was nearly twice the $21.3 million he received in 2006, according to the proxy.

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http://www.kansascity.com/105/story/549782.html

[leftofthedial]

1. as long as it lives

hmmmmmmmm

[trotsky]

2. Yeah, imagine that.

Run a company into the ground, and get paid $1 mil a year for life.

Stupid Sprint. I would've done that for them for just $250,000 a year.

[LSK]

3. how do I get a gig like that? I can run any company into the ground

And I will do it for HALF of what this guy is getting.