Leap Wireless COO Raymond Roman Steps Down
07/16/2012| 01:16pm US/Eastern
Recommend:
--Leap Wireless chief operating officer steps down after less than 18 months
--Company says the move was by "mutual decision"
--COO position being eliminated, responsibilities will go to other executives
(Adds details from company, in the second through fourth and eighth paragraphs.)
By Thomas Gryta
Leap Wireless International Inc.'s (>> Leap Wireless International, Inc.) Chief Operating Officer Raymond Roman stepped down, effective immediately, after joining the company in February 2011.
The pay-as-you-go wireless carrier disclosed the departure in a filing with the Securities and Exchange Commission Monday. Leap spokesman Greg Lund said Mr. Roman is leaving to "pursue other interests"--but wouldn't elaborate--and said the exit was a "mutual decision" between the company and Mr. Roman.
The company isn't planning to name a new chief operating officer, Mr. Lund said, and Mr. Roman's responsibilities have been divided up among other executives. He is stepping down as an officer immediately, and his employment will end on July 31.
When he joined, Leap said Mr. Roman would oversee the company's marketing, network operations, customer care and retention and supply-chain management.
Mr. Roman, who was 44 years old when he joined the company, will provide consulting services beginning August 1, for the remainder of the year. He will receive his current monthly salary in that period and be eligible for a cash bonus of up to $220,000. In connection with the termination, Mr. Roman will receive $495,000 in cash.
In 2011, Mr. Roman received total compensation valued at $4.2 million, including about $503,000 in salary.
Leap's stock has lost 54% of its value since Mr. Roman joined, dropping from $14.27 and closing Friday at $6.50. The stock recently traded down 44 cents, or 6.8%, to $6.06.
Before Leap, Mr. Roman worked for Dell Inc. (>> Dell Inc.), last working in the mobility division. From 2001 to 2007, he worked at the former Motorola Inc.
Write to Thomas Gryta at thomas.gryta@dowjones.com.
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