Sprint’s CEO Daniel Hesse will take a small pay cut during 2012 after receiving a bit of flack from shareholders for investing so much in adding Apple’s iPhone to the network. Reuters reported Hesse will lose $3.25 million from his salary. Hesse said in a statement to Sprint HR: “These voluntary actions regarding my personal compensation, which total $3,250,830, will eliminate any benefit for me to the discretionary adjustment the compensation committee made earlier this year.” 

Why are shareholders so upset? Sprint, the nation’s third-largest carrier, invested $15 billion to add the iPhone to its network. However, shareholders think that was a bit much, because the network has to pay a $200 higher subsidy per-device than its other phones. I guess this is a bit of an apology from Hesse.

Sales of the iPhone on the network are pretty solid, though. The company reported a sale of 1.5 million iPhones during Q1, compared to 1.8 million during Q4 2011. A very cool 44 percent (or 660,000) of the new iPhones sold during Q1 were new customers.

I think we can all agree this sounds much better than the news regarding the AT&T’s CEO from earlier today…

FTC: We use income earning auto affiliate links. More.

Check out 9to5Mac on YouTube for more Apple news:

You’re reading 9to5Mac — experts who break news about Apple and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel

About the Author