Sprint’s new CEO says consolidation is off agenda for now

Sprint’s new CEO says consolidation is off agenda for now

06 AUG 2014

US number three operator Sprint has confirmed the appointment of Marcelo Claure (pictured), the current boss of Brightstar, as its next president and CEO.

He takes up the new role on 11 August.

US media reports yesterday signalled the end of Sprint’s pursuit of T-Mobile US and Claure confirmed this move with his own comments today.

“While consolidating makes sense in the long-term, for now, we will focus on growing and repositioning Sprint,” he said in a press release announcing his appointment.

SoftBank will buy out the remaining shares held by Claure in Brightstar. The Japanese firm is already the phone distributor’s majority shareholder.

In addition, Claure will receive a base salary of $1.5 million, on top of an annual cash bonus equivalent to 250 per cent of the base salary in the current financial year. The figure will drop to 200 per cent in the 2015 financial year. His package also includes a $500,000 signing bonus and various longer term incentives.

Sprint’s current chief Dan Hesse was attacked by advisory firm Institutional Shareholder Services recently for his salary package, worth $49 million in 2013. Hesse’s post-Sprint destination is unknown.

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Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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