Cingular Wireless L.L.C.’s board of directors approved a $5 million retention benefit for President and Chief Executive Officer Stan Sigman that is to be paid in cash Dec. 31, 2007, unless he quits or retires.
The compensation package, which was revealed in a Securities and Exchange Commission filing, is in addition to the at least $1.1 million in base salary Sigman is set to receive beginning June 1 of this year and bonuses that will pay up to 475 percent of his base pay if Cingular meets long-term performance goals. The compensation package also provides Sigman with incentive payments of $675,000 June 1, as well as $160,000 Nov. 24 every year through 2007.
Sigman was named president and CEO of Cingular in late 2002 and has guided the company through its recent acquisition of AT&T Wireless Services Inc. and new position as the industry’s largest wireless operator with more than 50 million subscribers.
