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Sprint Gives Former CEO Severance Package Worth Millions.
Knight Ridder/Tribune Business News, June, 2003
The Kansas City Star, Mo. Knight Ridder/Tribune Business News
Jun. 12--KANSAS CITY, Mo.--William T. Esrey, forced out of the top job at Sprint Corp., has received a severance package that will cost shareholders at least $10.5 million -- and probably millions more.
Sprint, which has shed almost 18,500 employees since late 2001 to cut costs amid telecom industry turmoil, agreed to pay Esrey $4.9 million in severance over 18 months. The company said it would pay Esrey millions of dollars more in consulting fees.
Esrey also will get a bonus of $895,833 for work he did for the company between Jan. 1 and May 31 -- over and above his salary for the period which, based on last year's salary, was $485,333. Sprint's independent board members...
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