NII Holdings Reports Earnings, Confirms CEO
May 2nd 2013 5:26PM
Updated May 2nd 2013 7:20PM
Latin American mobile telecom NII Holdings reported earnings Thursday, featuring revenues down 13%, to $1.41 billion for the first quarter of 2013, and a $208 million consolidated net loss -- but that wasn't all NII had to report. It's also got itself a new Chief Executive Officer.
In a separate press release, NII announced that Chairman of the Board and interim CEO Steven M. Shindler has been made the company's permanent CEO, effective immediately. Shindler, who has served as the company's Chairman since 2000, was previously CEO from 2000 to 2008.
Taking back control of the company, Shindler will receive an annual base salary of $946,586, and also:
- an annual incentive bonus targeting 130% of base salary (but ranging as high as 200%)
- use of the corporate aircraft to fly home twice a month
- and a grant of 114,942 "performance units" -- essentially stock grants that, when vested, can be paid out in either company shares or in an equivalent cash value.
Shares of NII Holdings lost 10.7% of their value Thursday in response to the news, closing at $7.44.
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