T-Mobile’s CEO Mike Sievert was recently ranked as the 16th highest-paid CEO in the US for 2023. However, his hopes for a raise this year might not come to fruition, as the company is set to hold its Annual General Meeting on June 12, where any proposals to increase his salary are likely to face opposition from shareholders.
Sievert has undeniably steered T-Mobile towards success, with Earnings per share (EPS) increasing by 50 percent over the past three years and a total shareholder return of 24 percent during that period. While the revenue saw only a slight change last year, shareholders are more concerned with profitability rather than revenue figures.
Despite T-Mobile’s impressive performance under Sievert’s leadership, his compensation package of $37 million last year – a 29 percent increase from the previous year – raises eyebrows given that it is 920 percent higher than the industry average in the American wireless telecom sector. In addition to his salary of $1.7 million, Sievert also holds $55 million worth of shares in the company.
Given these figures, it is unlikely that shareholders will support any further raise in Sievert’s compensation during the upcoming meeting. The disparity between executive pay and frontline employee salaries may leave some employees feeling undervalued despite T-Mobile’s overall success.
