T-Mobile rearranged a couple of executive positions in its finance suite, naming a new SVP of finance to head up the carrier’s consumer financing products
T-Mobile US recently noted in a government filing changes to a pair of executive positions in its financial operations.
Michael Morgan was named SVP of finance, customer financial service and will oversee the carrier’s financial services team in charge of developing and supporting T-Mobile US’ core consumer financing products. Morgan had previously served as SVP for finance and chief accounting officer at the carrier, and in his new role will continue reporting to T-Mobile US CFO Braxton Carter.
The carrier noted that Peter Osvaldik would take Morgan’s former position, having previously served as VP for external reporting and technical accounting since the beginning of the year. Prior to that position, Osvaldik served as chief accounting officer amongst other positions at Outerwall, which was previously known as Coinstar, and as a senior manager at PricewaterhouseCoopers.
The carrier reported that in his new role at T-Mobile US, Osvaldik will receive a base salary of $375,000, have an annual incentive plan target of 60% of his base salary and a long-term incentive plan target of 100% of his total target annual compensation beginning next year. Osvaldik also received approximately $500,000 in time-vested restricted stock set to vest evenly over three years.
T-Mobile US has been aggressive in rolling out equipment-based consumer financing options through either its JUMP equipment installment plan or JUMP on Demand leasing products. An investment group recently asked the carrier’s parent company, Deutsche Telekom, to take a closer look at accounting practices connecting executive bonuses to financial assumptions of device equipment installment plans.
T-Mobile US in its most recently quarterly conference call said it is seeing greater uptake of its EIP program compared with leasing during the first quarter. The carrier noted just 14% of new device sales during Q1 were through a leasing plan, explaining its sales team today is just better at selling its EIP product.
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