NEW YORK-Sprint Corp. and Nextel Communications Inc. are offering a number of top executives bonuses if they stay with the carriers following their $35 billion acquisition, set to close later this year.
Sprint said all executive officers-excluding Gary Forsee, chairman, and Len Lauer, president-would be eligible to receive cash incentives of 100 percent of their base salaries and short-term incentive targets. Half of the cash incentives would be paid once the merger closes, with the remaining incentives paid a year later.
Forsee will be named president and chief executive of the new company, while Lauer will serve as chief operating officer.
Published reports indicated Nextel’s plans call for top execs to collect their annual base salaries and performance bonuses, as well as one-time payments equal to 150 percent of salaries and bonuses following the merger. Nextel President and CEO Tim Donahue, who earned a reported $29.4 million last year in salary, bonuses and stock options, would receive a separate employment retention deal.
