Sprint's iPhone Bet Has Caused Losses; Chief Dan Hessee Will Take Pay Cut

Sprint Nextel's chief, Dan Hesse, will be giving up bonuses and incentives awarded to him from the compensation committee over dismal results from Sprint's big push for the iPhone. In all, Hesse will give up about $346,000, he will however keep his base salary of $3.25 million per year.

"These voluntary actions regarding my personal compensation,... will eliminate any benefit for me to the discretionary adjustment the compensation committee made earlier this year,"

Shareholders had been severely disappointed with Sprint's $15 billion bet on Apple's iPhone. While the iPhone did bring in some new customers, Sprint is having to pay 40% more ($200) for the smartphone than it does for its other devices, causing significant losses.

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