Sprint CEO’s Options Could Be Worth Millions

Sprint Corp. Chief Executive William Esrey received stock options last year that could be worth as much as $188.7 million, the . long-distance company said in a regulatory filing.

The options to buy 4.78 million shares of Sprint and its PCS Group unit could be valued at that amount if the shares rise 10% a year from the options’ exercise prices until 2011, Sprint said in a proxy statement filed with the Securities and Exchange Commission.

Both stocks trade at less than the strike prices.

Esrey’s pay, including salary, bonus and other compensation, rose 9% to $1.52 million last year, when the long-distance operation’s sales fell 4.3% amid lower prices. Sales, including the PCS wireless unit, rose 10% to $26.1 billion. Sprint had a 2001 loss of $1.4 billion, including $1.8 billion in costs to end a data project and eliminate jobs.

Sprint shares rose 34 cents to $15.57, and Sprint PCS fell 27 cents to $10.42, both on the NYSE.