T-Mobile US filed paperwork with the US Securities and Exchange Commission to extend the contract of president and CEO Mike Sievert (pictured) by up to five years, updating a contract he signed in 2019 to succeed John Legere.
Sievert’s deal covers the period to 1 April 2028 with the option for annual extensions. Any notice period would span 90 days.
An annual base salary of $1.7 million came into effect at the start of the year, with automatic increases in place along with long-term incentives of restricted stock worth up to $18.5 million.
The CEO is also in line for a one-off award of common stock on 1 April equal to $10 million divided by the average closing price over the 30 days to 27 March.
Recon Analytics analyst Roger Entner told Mobile World Live Sievert’s on-target earnings will be level with, or above those of AT&T CEO John Stankey and Verizon CEO Hans Vestberg.
He argued T-Mobile was keen to prevent “turbulence” in its management, adding the move also gives it “a lot of room for succession planning”.
Entner cited Callie Field, president of T-Mobile’s business group; president of marketing, innovation and experience Mike Katz; and consumer group head Jon Freier as likely internal successors, unless parent Deutsche Telekom “goes crazy and parachutes over an executive”.