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Esrey Stepping Down as Sprint's Chairman

May 14, 2003|From Associated Press

Sprint Corp. Chairman William T. Esrey stepped down, handing the leadership position he had held for more than a decade at the telecommunications concern to Chief Executive Gary Forsee, the company announced.

The change of command came at the company's annual shareholders meeting, where shareholders approved a proposal the company opposed concerning severance agreements with executives.

The proposal requires Sprint to seek shareholder approval if the severance package is more than double the executives' base salary plus bonuses. Esrey's resignation had been expected in conjunction with the meeting.

Sprint shares rose 12 cents Tuesday to close at $11.80 on the NYSE.

From Associated Press

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