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Sprint Said to End T-Mobile Discussions, Names New CEO

2014-08-07 10:42 by
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Sprint confirmed Wednesday Marcelo Claure will take over as president and CEO of the third largest wireless carrier in the U.S.

Claure, 43, had been CEO of Brightstar Corp., which is part of Softbank Corp. He will replace Dan Hesse, who had served as Sprint CEO since 2007. During his tenure, he navigated the wireless carrier's merger with Softbank, completed last year, and shut down the Nextel network, which Sprint acquired in 2004.

The executive shift follows reports that Sprint planned on calling off its merger with T-Mobile, the fourth largest wireless carrier in the U.S., because of challenging regulatory hurdles. Both companies had been working on a potential merger valued as high as $50 billion.

The decision to drop the merger plan ends a nine-month effort by Japanese billionaire Masayoshi Son, whose SoftBank Corp. (9984) controls Sprint, to create a stronger rival to Verizon Communications Inc. and AT&T Inc.

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