Earlier this week, T-Mobile was forced to reveal that it paid its previous CEO John Legere a whooping $137 million for working three months in 2020. T-Mo had to file the information with the SEC, which is why this information leaked to the public.
The payment consisted of Legere’s severance payment worth $136.55 million, paycheck for $600,000, and legal fees reimbursement worth $50,000. Prior to 2020, Legere earned $27.8 million in 2019 and $66.5 million in 2018. Most of these were in the form of stock awards.
Legere left his position as the company’s CEO in April 2020. He was succeeded by Mike Sievert, who also received a generous pay check from the Un-Carrier last year.
As the new CEO of T-Mobile, Sievert was given salary, stock awards, bonuses, and incentives which amounted to $54.9 million in 2020. In 2018 and 2019, he was paid $35.6 million and $16.4 million, respectively.
According to reports, Legere received that amount last year for closing the T-Mobile-Sprint merger.
Legere has been the CEO of the company since September 2012. The original decision of the board was to keep him as the CEO after the merger. But in November 2019, Legere announced that he would vacate his position upon merger closing, which was on April 1, 2020. He also resigned from his position as a board of director on April 24, 2020 so he could “pursue other options.” He was originally slated to remain on the board until June.