NEW YORK (AP) — Advisory firm Institutional Shareholder Services is telling shareholders to protest Sprint Corp. CEO Dan Hesse's $49 million 2013 pay package, saying it's excessive and not tied to performance.
Hesse got a special $18.7 million stock award in connection with Softbank Corp. of Japan buying 70 percent of Sprint last year. ISS says that helped put his pay package above three times the median pay for a CEO of a comparable company.
Shareholders will vote on approving the executive pay package on Aug. 6. The vote is only advisory, but boards take "no" votes seriously.
Sprint, which is based in Overland Park, Kansas, had no immediate comment on the ISS report.