A big shareholder?s attempt to knock Sprint Nextel Corp. CEO Dan Hesse off the company?s board of directors proved fruitless Tuesday, but preliminary voting results show the effort may have left a dent in the top executive?s support from investors compared with other directors.
Hesse and the Sprint (NYSE: S) board?s nine other members were up for re-election at Sprint?s annual shareholder meeting Tuesday in Overland Park. Initial tallies show that four board members who weren?t directly involved in controversial company bonuses received 6 percent to 9 percent more ?for? votes than Hesse, board Chairman James Hance Jr. and members of the board?s compensation committee.
The Ontario Teachers? Pension Plan? , which has a roughly 4 percent stake in the Overland Park-based wireless carrier, said last week it would break tradition and for the first time oppose the re-election of board members, starting with Hesse.
The group took issue with increases in Hesse?s total compensation ? which rose 31 percent to $11.9 million in 2011 ? in light of the company?s performance and stock price. Sprint shares opened at $2.51 Tuesday. The group also criticized Hesse and the board?s compensation committee for approving employee bonuses that excluded the heavy financial effects of launching the iPhone in 2011.
The opposition came despite Hesse?s move to appease shareholders just a few days prior by pledging to return $3.25 million of his 2012 pay.
Hance opened Tuesday?s meeting with praise for Hesse, commending his ?willingness to sacrifice? personal compensation for the good of the company. He said the board appreciated the leadership Hesse had demonstrated ?in a very difficult competitive environment.?
Alyson reports about technology, entrepreneurship, and engineering and architecture firms.
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