--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) 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), 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.