Following days of speculation on his future with the third-largest U.S. mobile operator, embattled Sprint chairman and CEO Gary Forsee announced his resignation Monday, two years after spearheading the $35 million merger with Nextel that proved his undoing. Hampered by engineering snafus and subscriber defections, the post-merger Sprint Nextel has suffered a stock decline of 27 percent since August 2005--on Monday, the carrier said it expects to lose another 337,000 monthly subscribers in the current quarter, and lowered its annual revenue expectations. James Hance Jr., a senior adviser with D.C. private-equity firm Carlyle Group, will serve as acting chairman, while Sprint CFO Paul Saleh will take the helm as acting chief executive until Forsee's permanent replacement is named.
For more on Forsee's exit:-read this CNNMoney.com article [1]
Related articles:
Sprint [2] earnings boosted by data growth
Sprint [3] unveils fall mobile TV schedule
Sprint [4] revamping TV service
Sprint [5] joins MediaFLO cabal
Links:
[1] http://money.cnn.com/2007/10/08/news/companies/sprint/?postversion=2007100817
[2] http://www.fiercemobilecontent.com/story/sprint-earnings-boosted-by-data-growth/2007-02-28
[3] http://www.fiercemobilecontent.com/story/sprint-unveils-fall-mobile-tv-schedule/2007-09-26
[4] http://www.fiercemobilecontent.com/story/sprint-revamping-tv-service/2007-03-29
[5] http://www.fiercemobilecontent.com/story/sprint-nextel-joins-mediaflo-cabal/2006-10-11