Former T-Mobile CEO earns over $137M during last year in the role
John Legere sat at the helm of the company for 7 years
Former T-Mobile CEO John Legere received a hefty payout in his last year serving as the top boss, pulling in well over a hundred million dollars, according to a regulatory filing.
Legere, who sat at the helm of T-Mobile for seven years, earned approximately $137,195,887 for the year ending on Dec. 31, 2020, the company disclosed in an SEC filing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TMUS | T-MOBILE US INC. | 246.20 | +1.28 | +0.52% |
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In 2019, the telecommunications company disclosed that Legere's contract with the company would conclude on April 30, 2020, and Mike Sievert, who was the company's chief operating officer, would rise to the CEO post.
Legere also stepped down from the company's board by the end of April.
"In connection with Mr. Legere’s termination of employment with the company, he became eligible for certain severance payments and benefits," according to the filing.
John Legere, the now-former chief executive officer of T-Mobile, at a Judiciary Subcommittee hearing in Washington, D.C., U.S., on Tuesday, March 12, 2019. (Andrew Harrer/Bloomberg via Getty Images)
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The majority of the $136 million was from his severance payment, but according to the filing he also benefitted from the equity he had in the company.
However, Legere wasn't alone in attaining a hefty payout thanks in part to the company's T-Mobile’s multi-billion takeover of Sprint, according to the Wall Street Journal.
For instance, the T-mobile's former executive vice president, David Carey, earned more than $29.8 million. Carey has stepped down from his role around the same time as Legere and was replaced by Peter Osvaldik last July.
The merger between T-mobile and Sprint created a new wireless giant rivaling competitors AT&T and Verizon was completed just weeks before Legere and Carey's departure.
T-MOBILE-SPRINT MERGER COMPLETED, CREATING NEW WIRELESS GIANT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TMUS | T-MOBILE US INC. | 244.82 | -2.12 | -0.86% |
| T | AT&T INC. | 22.69 | -0.47 | -2.01% |
| VZ | VERIZON COMMUNICATIONS INC. | 43.85 | -0.52 | -1.17% |
Under Legere's leadership, T-Mobile placed its bets on the advent of 5G networks. While T-Mobile trails leader Verizon in total subscribers – with AT&T not far behind – T-Mobile has taken the top spot in the 5G race according to C-Net.
A recent study reported that the global 5G devices market was estimated to be $2.67 billion in 2019 and is targeted to swell to $26.1 billion by 2026.
The Associated Press contributed to this report.