Sprint on Tuesday said it is bringing on Nestor Cano to fill the shoes of the carrier’s newly created chief operating officer position, effective Feb. 2.
The hire comes as Sprint looks to accelerate streamlining and cost-saving efforts currently under way at the company. In his new role, Sprint indicated Cano will be responsible for delivering operational excellence, driving further expense reductions, and strengthening systems and processes across the business.
Cano will serve alongside Sprint’s current COO of Technology, Gunther Ottendorfer.
According to a Sprint press release, Cano will make the jump to the carrier from his position as Europe president of Tech Data Corp., a distributor of IT products and services. Cano has served as president since 2007, but joined Tech Data Corp. back in 1989.
“I’m so proud of the progress Sprint made in 2016, and now it’s time to accelerate our turnaround with operational excellence and superior execution,” Sprint CEO Marcelo Claure said in a statement. “Nestor is a proven transformation leader with an incredible work ethic. His experience running low-margin businesses with low operating expenses will help Sprint continue its transformation and improve execution at all levels of the organization.”
But Cano’s assistance won’t come cheap.
In an 8-K filing with the Securities and Exchange Commission, Sprint reported Cano will receive an annual base salary of $1.3 million with a short-term incentive plan with a targeted annual opportunity equal to 100 percent of his annual base salary, and a long-term incentive compensation plan with a targeted annual opportunity equal to $1.625 million. Additionally, Cano will receive a $300,000 signing bonus subject to repayment if he resigns within two years and restricted stock units valued at $2.4 million.