CEO of troubled Sprint got $40 million in pay last year

Ousted Sprint Nextel chief executive officer Gary Forsee received $40 million during 2007 — and he’ll get about $1 million annually for as long as he lives.

Those were two of the disclosures in Sprint’s proxy statement filed Thursday with the Securities and Exchange Commission. The proxy showed the pay, bonuses, stock, severance and other benefits provided last year to Forsee and other top executives of the Overland Park wireless company.

Under mounting pressure from disgruntled investors and Sprint’s board of directors, Forsee resigned as the company’s chairman and CEO in October. Since then, Sprint shares have dropped by nearly 65 percent.

Read the full story at