Sprint Nextel’s CEO Gary Forsee is stepping down, the company announced late Monday.
His resignation is effective immediately, according to an Oct. 8 press release from Reston-based Sprint.
In the release, board member Irvine Hockaday said the company wanted new leadership to improve the company’s corporate objectives.
The Wall Street Journal published a report last week citing sources who said Forsee’s resignation was imminent, due to dissatisfaction with the firm’s second quarter financial results. The company has struggled since its purchase of competitor Nextel, and fallen behind its competitors in the wireless industry.
In recent public appearances, Forsee had been stressing Sprint’s Xohm WiMax broadband venture, which will launch in D.C. at the end of the year, as Sprint’s major focus area.
The company will focus its search for a new CEO on canidates outside the company, Hockaday said in the release. The search is being conducted by a committee of the company’s board of directors.
Paul Saleh, Sprint’s chief financial officer, will become acting CEO until a replacement is found. Board member James Hance Jr. will act as non-executive chairman of the board.
