OVERLAND PARK, Kansas (Reuters) - Shareholders in Sprint Nextel Corp (S.N) voted to re-elect Chief Executive Dan Hesse as a director, defeating a push by one key shareholder to get the executive off the wireless service provider’s board of directors.
According to the company, a preliminary count showed that 90 percent of votes cast were in favor of Hesse’s re-election, lower than the 98 percent of votes some directors received but higher than the 89 percent some other directors received.
The Ontario Teachers’ Pension Plan, which has a roughly 4 percent stake in Sprint, said last week that it would vote against Hesse’s re-election.
Hesse has come under fire this year from shareholders disappointed with the hit the company’s results took from subsidizing Apple Inc’s (AAPL.O) popular iPhones and other investments the company is making.
Sprint shares were down 1 cent at $2.49 on New York Stock Exchange in early afternoon trade.
Reporting by Carey Gillam, writing by Sinead Carew; Editing by Gerald E. McCormick and Gunna Dickson