NEW YORK-AT&T Wireless Services Inc.’s former president Mohan Gyani will receive $2.9 million in severance from the carrier according to a Securities and Exchange Commission filing.
Gyani will also receive $30,000 per month to provide consulting services to AT&T Wireless for two years and to continue to represent the company on the boards of certain organizations. Gyani also reserves the right to terminate the consulting relationship with AT&T Wireless, but would still be paid for the full term of the contract if AT&T Wireless terminates the contract without cause.
Gyani is also eligible to ask for a one-time consulting fee of approximately $730,000 if control of AT&T Wireless changes hands prior to Sept. 30. Gyani will also receive lifetime medical and dental coverage for himself and his spouse, two years of paid financial and tax counseling and lifetime use of a wireless device and service.
Gyani’s successor Michael Keith, who took over as president on Jan. 4, will receive $625,000 in initial base salary, a $625,000 target incentive bonus for this year and a $400,000 one-time incentive payment. Keith will also receive about $3.5 million in deferred compensation and supplemental retirement benefits.
