Business news digest

NATION

Sprint loses ground; chief makes $14.2 million

KANSAS CITY, Mo. — Sprint Nextel Corp. Chief Executive Dan Hesse received compensation valued at $14.2 million in 2008 as the telecommunications company continued to lose ground in the wireless industry, according to an Associated Press analysis of a regulatory filing Monday.

However, much of Hesse’s compensation was in stock and options, which have plummeted in value since he received them.

Hesse, 55, received base salary of $1.2 million and a performance-based bonus of $2.7 million last year, according to a proxy statement filed with the Security and Exchange Commission.

Home Depot CEO received 20% increase in 2008

CHICAGO — Home Depot CEO Frank Blake received compensation valued at $9.2 million in 2008 — a 20 percent increase from the previous year — even as the company’s profit dipped and the retailer laid off 7,000 workers, according to a regulatory filing Monday.

But Blake, who is also chairman of the nation’s No. 1 home improvement retailer, opted not to receive a $1.2 million cash performance bonus because of the job cuts.

Blake received nearly 85 percent of his compensation in restricted stocks and options valued at $7.8 million at the time they were granted — about 36 percent more than the $5.7 million in stock and options he was granted in 2007.

Associated Press