Submitted by Fox First at Ten on July 16th
NEW YORK (AP) - Leap Wireless International Inc., the parent of the Cricket cellphone service, said Monday that its chief operating officer is stepping down and won't be replaced.
Raymond Roman is leaving to pursue other interests, and the departure was "mutually agreed," said Leap spokesman Greg Lund. The parts of Leap's business that he oversaw will be divided up between other executives.
The company, which is based in San Diego, focuses on selling no-contract wireless service to low-income people.
Roman's employment contract will end on July 31, but he will stay on as a consultant through the end of 2012. During that time, he'll receive his current monthly salary, the company said.
Roman will receive $495,000 in cash once his contract ends, and he's eligible for a $220,000 bonus at the end of his consulting service.
He earned a salary of about $503,000 in 2011.
Shares fell 40 cents, or 6.2 percent, to $6.10 in midday trading. The stock, which is often volatile, has traded between $4.68 and $15.04 in the past 52 weeks and had lost about a third of its value this year.
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