Ousted Sprint CEO may get $40 million goodbye

Dan Hesse was the highest-paid boss in the wireless industry last year, and has a hefty exit package lined up.

By MSN Money Partner Aug 6, 2014 4:29PM
Credit: © Isaac Brekken/AP Photo
Caption: Sprint CEO Dan HesseBy Sital S. Patel, MarketWatch

Dan Hesse (pictured) might be out of a job as Sprint's (S) CEO, but he's not leaving without a hefty severance package.

Hesse, who voiced Sprint's "Simply Everything" commercials, will receive a compensation package that could be higher than $40 million as he exits the firm. 


The package includes cash, stock and benefits he will receive.


Hesse was ousted at the same time Sprint killed its pursuit of T-Mobile US (TMUS). The mobile company said it plans to focus on building the business and replaced Hesse with billionaire entrepreneur Marcelo Claure.


The mega-pay package was valued at $56 million as of the end of March. Since then Sprint shares have fallen sharply.


But the former Sprint CEO, who was head of the third-largest wireless carrier since 2007, shouldn't be too concerned. He was the highest-paid CEO in the wireless space last year with $49.1 million in total compensation.


Hesse started his career as an intern and later went onto to run the giant wireless carrier AT&T (T) in 1997.


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261Comments
Aug 6, 2014 5:39PM
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And to think this is why so many are out of work or Broke---those CEO's who get fired still continue to  gain!
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This is why CEOs don't care anymore, no matter what you do you get a massive paycheck when you leave. It used to be if you sucked you got the boot and that was it.
Aug 6, 2014 5:16PM
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Well, how many people get 40 million for doing a bad job? We're all greedy, it's just that the rich are getting richer and the poor are getting poorer. If it keeps going this way, you can call the whole country "New Mexico".
Aug 6, 2014 6:22PM
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Nothing against reach people.
The problem is that millions of Honest Americans work two jobs and still cannot put food on the table two times a day.
He makes 40 millions plus ,and 40 plus millions of Americans make $ 7,50 an hour (before taxes) and can't feed their children.
If some of  you are OK with this, I'm glad that I did not teach my children your way of thinking..


Aug 6, 2014 6:03PM
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Msn suggests today, how to make an extra $1000.00 by,,,, dumpster diving and here the crook gets 40mil for what?
Aug 6, 2014 6:12PM
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while us corps declare war on its employees fat cats like this clown get rewarded for nothing...corporations are the downfall of this country
Aug 6, 2014 8:33PM
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Ousted Sprint CEO may get $40 million goodbye....this is the problem with America.
Aug 6, 2014 5:15PM
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And he already has a job lined up paying the same or more.

 

I wish I could get fired, get a year's salary or more in severance and find a new job on top of that, that pays me the same or more.

Aug 6, 2014 6:27PM
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Will he be able to collect unemployment?
Aug 6, 2014 5:26PM
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Quit exaggerating!


It was only $39 million....and free Sprint service for life......poor SOB.

Aug 6, 2014 7:10PM
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See, this is why we don't believe in the Tea Party Kool-Aid:  

 "Big Business is your friend, American worker at $10.00 an hour. 

"Trickle down economics works!!!"

"unions are destroying America and are anti-American!!

"We have to outsource your jobs, America, to stay competitive"

"The more profits we make, the more people we will hire


No, we don't buy your sheot, Tea Party loons:  Ted Cruz, Sean Hannity, Willard Romney, John McCain, John Boehner, Mitch McConnell, Paul Ryan, who want to gut every social safety net, while corporate profits are obscene, and fired CEOs get a severance package bigger than some countries' total BUDGET!!!!!

Aug 6, 2014 7:55PM
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I want to work at a job where I get 40 million for getting fired! :) Sign me up!
Aug 6, 2014 7:25PM
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remember this at mid terms.   Does your candidate support the annihilation of unions?   Check their voting record.   It takes work to become an educated and EFFECTIVE voter.   Effective is the key word.  


For most working poor americans trying to survive on two incomes at $10.00 an hour and raise a family, you better wake up!!!!!!     Tea Party looons and ultra right wing republicans ARE NOT your friend!!!  


They want you dirt poor, NO MEDICAL INSURANCE WHATSOEVER, no safety nets whatsoever.  Just like 100 - 200 years ago in some feudal system in Britain.   Where you have NO rights....just a little better off than an Negro slave.    WAKE UP!!!!!!   SHEEPLE!!!!!!!  VOTE!!!!!   GET THESE TEA LOONS OUT OF OUR GOVERNMENT.  ITS OUR GOVERNMENT, NOT THEIRS.

Aug 6, 2014 5:03PM
Aug 6, 2014 5:30PM
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what, how can he live on that little bit of money?????????????????????????????????????????????????????????????????????????????????
Aug 6, 2014 10:17PM
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And people thought unions were greedy! Think about how many families could have lived very nice and sent their kids to college on all of that money! Enjoy it while you can, because you are living your heaven now.
Aug 6, 2014 6:48PM
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I wonder how much of his pay is due to friends on the board v. a board worried about hiring someone with slightly less experience/skill (this worry has inflated many executive salaries).
Aug 6, 2014 5:34PM
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Obviously the man knows how to negotiate a compensation package.
Aug 6, 2014 5:56PM
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Yes, but the downside is he is contractually required to use Sprint for the rest of his life.
Aug 7, 2014 2:37AM
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No CEO deserves $40M, especially a bad one.

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