Sunday, October 7, 2007

Sprint's Forsee Steps Down

Gary Forsee has resigned as Sprint Nextel's chairman, president and CEO. Until a replacement is found, James Hance, Jr., a member of the Board of Directors, will assume the role of acting non-executive chairman of the Board and Paul Saleh, current CFO, will serve as acting CEO.

The company announced today that it expects to report a net loss of approximately 337,000 post-paid subscribers in the third quarter. In addition, both adjusted OIBDA* and consolidated operating revenue for 2007 are expected to be slightly below the range of previously provided guidance of $11.0 to $11.5 billion of adjusted OIBDA and $41 to $42 billion of consolidated operating revenue.

http://www.sprint.comGary D. Forsee was named CEO of Sprint in 2003, replacing Bill Esrey. Forsee previously served as vice chairman of BellSouth, where he had responsibility for the company's domestic operations. Before that, Forsee spent 10 years with Sprint, holding leadership positions in the company's long-distance and PCS operations, and one year with Global One, a joint venture of Sprint, Deutsche Telekom and France Telecom, where he served as president and CEO. His appointment as CEO of Sprint was challenged in court by BellSouth as a violation of his previous employment contract.

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